RALEIGH — Private equity firm Plexus Capital has closed on a whopping $502 million for its fifth fund earmarked for “profitable” U.S.-based companies.

“We’re fortunate to have a long-standing base of investors in our prior funds who continued supporting Plexus by investing in Fund V,” Plexus partner Alex Bean told WRAL TechWire. “As a result, we were able to complete our fundraise ahead of schedule and above the original fundraising target.”

Institutional investors such as pension funds, insurance companies, and banks contributed to the fund, as well as family offices and high net worth individuals.

Bean said the firm targets companies generating “$10-100 million in revenue.” However, he conceded there are rare exceptions.

“We occasionally consider investing in companies that fall outside of that revenue range as long as the company under consideration is profitable,” he said, adding: “Startups have not yet reached profitability, which usually prevents us from investing at that early stage.

Founded in 2005, Plexus is focused on providing capital to small businesses in the United States. During that time, it has invested more than $1.1 billion in over 115 small businesses — including over $100 million in those based in North Carolina. Among them: Global Value Commerce, Haddock Collision Centers, and Scivation.

“We love investing in North Carolina-based companies,” he said.