Pamlico Capital has reached a final close on the firm’s third fund with total commitments of $650 million.

Pamlico Capital III LP is the first independent fund of the Charlotte, N.C.-based sponsor since it was spun out from Wells Fargo in 2010. Wells Fargo remains a limited partner for the firm’s first and second funds.

Pamlico III raised commitments entirely from institutional investors, surpassing the firm’s initial target of $500 million. During the fundraising period, many potential investors still viewed Pamlico as a first-time fund despite the firm’s history with Wells Fargo and first two funds, explains managing partner Eric Eubank (pictured). “In that respect they said, ‘Get a first close done and call me.’”

Pamlico held the first close in March, raising $354 million—oversubscribed from $250 million. “Once we got the first close done, things really accelerated from there,” Eubank adds. The fund’s second close occurred in June.

Investors in the fund include AlpInvest Partners, Constitution Capital Partners, GE Pension Trust, HarbourVest Partners, affiliates of Hartford Investment Management Co., HOOPP Capital Partners, John Hancock Financial Services, SCM Strategic Capital Management and the Teachers Insurance and Annuity Association.