Pamlico Capital closed lower middle-market buyout fund Pamlico Capital V at its hard cap of $1.4 billion.
The fund exceeded its original $1.25 billion target, a spokesman said.
The fund seeks North American investments in the business and technology services, communications and health-care sectors. The prior fund, Pamlico Capital IV, closed at $910 million in 2016.
Investors include the $32.1 billion Texas County & District Retirement System, Austin.