The firm, which is based in Charlotte, North Carolina, was founded in 1988 as the private equity investment arm of First Union Corporation.

Among the firm's notable investments are Daxko, Dexter & Chaney, Lightower Fiber Networks, MetaMetrics, Secure-24, Service Express, symplr, TMW Systems and Wilcon.

While previous Funds had a majority investment from the financial institution, Pamlico Capital III exclusively includes outside investors: AlpInvest Partners, Constitution Capital Partners, GE Pension Trust, HarbourVest Partners, affiliates of Hartford Investment Management Company (HIMCO), 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.

[3] Three years later in November 2016, Pamlico Capital closed Fund IV at the hard cap with total commitments of $910 million.

PC V was well oversubscribed with demand from existing and new investors materially surpassing the original $1.25 billion target.