Pamlico Capital announced it was able to close Pamlico Capital III with USD 650 million. The third fund's initial target was pegged at USD 500 million but Pamlico Capital had to revise its hard cap because the round was oversubscribed. Pamlico Capital III is the first fund formed by Pamlico Capital as a fully independent company. Pamlico was a private equity arm of First Union Corporation. It completed its spin out in 2010 and became fully independent.

Institutional investors that provided capital commitments for Pamlico Capital III included AlpInvest Partners, Constitution Capital Partners, GE Pension Trust, HarbourVest Partners, Hartford Investment Management Company (HIMCO) affiliates, HOOPP Capital Partners (the private equity arm of the Healthcare of Ontario Pension Plan), John Hancock Financial Services, SCM Strategic Capital Management, AG and TIAA-CREF.

Pamlico Managing Partner Scott Perper said the latest funding round was a testament to the strength of their team and the effectiveness of their investment strategy. He said, "Not only were we oversubscribed, but we raised the capital in a relatively short period of time, a testament to the quality of our team, our strong and consistent record and our sound investment strategy."