Private equity firm Wachovia Capital Partners has spun off from Wells Fargo to become an independent unit renamed Pamlico Capital.
In a press release dated March 24, 2010, private equity firm Wachovia Capital Partners announced that it has separated from Wells Fargo as an independent entity, renamed Pamlico Capital (“Pamlico”). The new firm will continue to manage its portfolio of over $2 billion in assets and its entire team of investment management professionals will remain with the firm.
Pamlico Capital is funded by Wells Fargo and institutional investors, including AlpInvest, HarbourVest, Lexington Partners and Partners Group, all of which originally committed capital to the firm in 2007. The firm will move its operations to new officed in Charlotte over the next several months.
To view the Press Release, please click here.