Private equity firm Plexus Capital has raised $39.8 million for its third fund, which is expected to reach a total of $150 million.
The Charlotte firm raised the funding from 65 investors so far, according to a March 7 securities filing. Plexus has raised the money quickly. The first sale in the fund happened on Feb. 26. Plexus focuses on mezzanine funding, which is subordinated debt and equity investments in already established companies. The firm currently manages $255 million across two funds.
The second Plexus fund, totaling $175 million, is still actively investing. On the firm’s website, Plexus says it invests in profitable businesses that need capital for growth, acquisitions, recapitalizations and buyouts. Plexus focuses on companies with less than $100 million in revenue.
“We look for profitable businesses with a proven history of success,” the site says. “We do not invest in real estate, early-stage companies or turnarounds.”
Plexus does not limit itself to particular industries and its investments have run the gamut from health care products companies to food and beverage suppliers. Recent investments include TopCor Belco, a Louisiana company that provides corrosion resistant rubber linings for metal storage tanks used by petrochemical and fertilizer manufacturers and Mission Critical Electronics, a California company that makes specialized electronic power products for the marine and telecom industries.
