Falfurrias Capital Partners announced it has closed its new middle-market private equity fund, Falfurrias Capital Partners IV, at its hard cap of $500 million in investor commitments.

The Charlotte-based private equity firm, founded by former Bank of America CEO Hugh L. McColl Jr. and former Bank of America CFO Marc Oken, will invest the proceeds of the fund in growth-oriented, middle-market businesses, leveraging the firm's deep network of industry relationships, operational expertise and proprietary investment approach.

"We are humbled by the confidence in Falfurrias Capital Partners and are particularly pleased that FCP IV is largely made up of investors from prior funds who have grown their commitments to our firm," said Ed McMahan, managing partner at Falfurrias Capital Partners. "Our quick and successful fundraising reflects the strength of our team as well as our differentiated strategy and we are energized to continue our firm's growth."

Falfurrias Capital Partners is a Charlotte-based private equity investment firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America, and Marc Oken, former CFO of Bank of America. The firm is focused on acquiring or investing in a diverse portfolio of growth-oriented middle-market companies. By leveraging the extensive strategic and operational experience and business relationships of the firm's principals, Falfurrias Capital Partners is positioned to be a value-added partner for both its portfolio companies and its limited partners.