Two former U.S. Marines and Iraqi war veterans have unraveled the Gordian knot for venture capital fund raising in North Carolina. A task that many firms find impossible or exceedingly difficult has proved to be wonderfully successful since launching in 2013. It’s just raised a seventh fund.
In a securities filing, Charlotte-based Double Time Capital disclosed raising $20 million from investors in December.
Aiming to sell $20,100,00, that’s the target hit by partners Rye Barcott and Dan McCready.
The fund is called “NC Solar Fund VII.”
You read that correctly.
No. VII.
As a recent N.C. Department of Commerce report found, investment capital remains scarce in the state. But these Gung-Ho Marines are meeting the challenge of recruiting backers.
Check out this …
A total of 67 investors lined up to participate in the fund, which had a minimum entry price of $25,000, according to the filing.
Double Time is focused on clean energy projects, such as solar. And The Charlotte Business Journal recently reported that the partners have raised “between $39.8 million and $42.8 million” through its first six funds.
North Carolina is one of the nation’s hottest markets for solar projects, with Duke Energy being a big driver.
Interestingly, Barcott is a former special advisor to ex-Duke Energy CEO Jim Rogers, according to his LinkedIn profile. He rose to the rank of captain in the Marines.
McCready is a former consultant at McKinsey. He was a captain.
According to his LinkedIn profile, McCready “Led 65 Marines to provide battlefield communications for a 900-person infantry task force during combat operations. Following active duty, served briefly as a Reservist with Marine Special Forces.”
