Plexus Capital has held an above-target close of over $1.3 billion across two investment vehicles—Plexus Fund VII LP (Fund VII) and Plexus Equity Fund II LP (Equity Fund II).
Fund VII targets investments combining debt and equity, typically investing $5 million to $25 million in businesses with $10 million to $100 million in revenue and $2 million to $15 million in EBITDA. The fund partners with independent sponsors, search funds, private equity firms, and management teams. The strategy’s earlier fund, Plexus Fund VI LP, closed in July 2023 with $554 million in capital.
Equity Fund II, which had an original target of $250 million, closed at its $345 million hard cap after just three months of fundraising. This fund makes control equity investments of $15 million to $40 million in North America-based companies with up to $150 million in revenue and up to $15 million in EBITDA. Sectors of interest include business and essential services. The firm’s earlier equity vehicle, Plexus Equity Fund I LP, closed in March 2022 with $204 million of capital.
A recent transaction by Fund VII, completed in July, was to back Watchtower Capital’s simultaneous acquisitions of North Carolina-based Fence Builders, and South Carolina-based Green Hill Fence Company. Both companies are residential and commercial installers of fencing and controlled access gate systems. Watchtower partnered with Plexus and Aldine Capital to provide debt and equity co-investment alongside Watchtower’s equity investment.
Earlier, in March 2025, Plexus partnered with AEG Petroleum and Grade A Petroleum to launch Ace Solutions, a national distributor of oil lubricants, diesel exhaust fluid, fuel, and related products, with locations in Texas, Oklahoma, New Mexico, and New York.
“Plexus is proud of the long-term relationships built with our investors and portfolio company management teams, as well as the culture we’ve established over our 20-year history, which centers on transparency, accountability, and following through on our commitments,” said Alex Bean, a partner at Plexus. “Combined with our disciplined investment approach and track record across market cycles, this partnership mentality seemed to resonate with our investors in a challenging fundraising environment. We are grateful for the overwhelming support from our existing investors and pleased to welcome several new institutional investors in both funds.”
Since its founding in 2005, Plexus has raised more than $3.5 billion across nine funds and has partnered with more than 200 companies. The firm is headquartered in Raleigh, North Carolina, with an additional office in Charlotte.
Kirkland & Ellis and Winston & Strawn provided legal services to Plexus for these fundraisings.
© 2025 Private Equity Professional | October 17, 2025
