Investment company Plexus Capital, which has offices in Raleigh and Charlotte and $550 million under management, recently ushered in a new generation of leadership by naming Michael Painter managing partner.
“We’re building Plexus to last,” said Painter, 40, who is based in Raleigh.
Painter succeeds Bob Anders, 64, who has led Plexus since it was formed in 2005 and remains a full-time partner. Both Painter and Anders are among the firm’s five co-founders, all of whom previously worked together at RBC Centura Bank.
Painter’s promotion culminates a transition that was mapped out five years ago, Anders said.
“Michael and I have been almost a two-man executive committee for the last couple of years,” Anders said. “We’ll continue to be a little two-man executive committee, but Michael is clearly going to be in charge and we’re excited about that.”
Now that Painter has taken the reins, Anders added, “instead of being an 80-hour-a-week guy, I’d love to be a 60 or a 70-hour-a-week guy.”
Plexus invests in companies with annual revenue in excess of $10 million. Those investments typically involve loans plus warrants for a small equity stake in the business.
Last year Plexus raised $150 million for its third fund. Thanks to its status as a licensed Small Business Investment Company, that fund also entitled Plexus to borrow an additional $150 million at attractive rates through the Small Business Administration – giving it a total investment hoard of $300 million.
To date Plexus has invested $107.5 million from that fund, 36 percent of which went to businesses based in North Carolina.