Plexus Capital Closes $1.3B Across Two Funds to Back Small Businesses 

Plexus Capital, LLC, a leading lower middle market private equity firm, has announced the final closings of Plexus Fund VII and Plexus Equity Fund II, raising a combined $1.3 billion. The twin closings underscore the firm’s continued momentum as it expands both its structured capital and equity buyout platforms, focused on supporting growth-oriented small and mid-sized businesses across the U.S. 

Plexus Fund VII, which raised $977 million including fund-level leverage, continues the firm’s long-standing structured capital strategy—providing flexible debt investments accompanied by equity ownership stakes. The fund will target profitable companies generating $10 million to $100 million in revenue and $2 million to $12 million in EBITDA. 

Meanwhile, Plexus Equity Fund II, which closed with $345 million in capital commitments, advances the firm’s control buyout platform, first launched in 2021. The fund follows a thesis-driven approach to sourcing, acquiring, and building value in companies primarily within business services and essential industries, deploying $15 million to $40 million of equity per investment. 

Founded in 2005 and headquartered in North Carolina, Plexus has now raised over $3.5 billion across seven structured capital funds and two buyout funds. Its investor base includes a diverse mix of institutional investors, such as investment consultants, insurance companies, pension funds, endowments, foundations, family offices, and high-net-worth individuals. 

Over the past 20 years, Plexus has partnered with more than 200 companies. The firm’s team of 48 professionals is led by partners Michael Painter, Mike Becker, Jay Jester, Will Anders, Alex Bean, and Brad Pence. 

Legal counsel for the fund formations was provided by Kirkland & Ellis LLP and Winston & Strawn LLP.