Contact: Schorr Johnson (919) 807-3132




Monroe, NC--Today, North Carolina State Treasurer Janet Cowell visited Instrument Transformer Equipment Corporation (ITEC) in Monroe.  The company that has recently received an investment from one of the North Carolina Innovation Fund’s (NCIF) private equity fund managers, Charlotte-based Falfurrias Capital Partners. 

Treasurer Cowell established the Innovation Fund to support and invest in businesses with significant operations in North Carolina while earning a solid rate of return for the pension fund. The ITEC story is representative of how the Innovation Fund is accomplishing both of those goals. Through Falfurrias’ investment, ITEC has recruited an industry-leading CEO in March and acquired new equipment to expand products and services.

“I am pleased to see the Innovation Fund helping put North Carolinians to work first-hand at ITEC,” said Treasurer Cowell.  “North Carolina is a good investment. We can protect and grow our pension fund while helping homegrown companies innovate.”

During Treasurer Cowell’s visit today, she met ITEC’s new CEO, Dave Pacyna, founder John Cochran, and employees of the approximately 60-person company. After discussing the Innovation Fund, Cowell toured the facilities, including learning about growth opportunities for the company, which manufactures current and voltage instrument transformers.

​“We are honored to host Treasurer Cowell and members of her team at our plant today.  Our products, made right here in North Carolina, help ensure the safe, reliable supply of electricity all across our country.  Thanks to investments from the State’s Innovation Fund, our growth prospects are bright and sustainable,” said Pacyna.


About the North Carolina Innovation Fund

NCIF was established in 2010, with funding from the state’s $80 billion pension fund, to invest in both private equity funds and companies with a nexus to North Carolina.  The Customized Fund Investment Group of Credit Suisse was chosen to manage the $232 million Fund, of which $170 million has been committed to seven private equity managers and 11 companies through co-investments alongside private equity managers. Despite the still early age of the Fund, the NCIF portfolio is exhibiting strong performance, with two successful exits to date and multiple valuation increases since investment.  NCIF fund manager relationships span a broad range of strategies and include: Carousel Capital, Falfurrias Capital Partners, Frontier Capital, Hatteras Venture Partners, Kian Capital, Novaquest Capital Management, and River Cities Capital Funds.  To date NCIF co-investments have helped to attract out of state private equity firms to invest in NC and supported over 6,200 NC jobs, spanning the state from Statesville to Wilmington. NCIF’s investments represent a diverse array of sectors, including healthcare, industrials, financial services, manufacturing, automotive, software, communications and logistics. NCIF continues to seek investment opportunities with a nexus to North Carolina.

About Instrument Transformer Equipment Corporation

ITEC, founded in 1993 and based in Charlotte, N.C., manufactures mission-critical products for the electrical and electric utility industries in the United States and internationally. ITEC is an original equipment manufacturer of instrument transformer products for revenue metering and protective relaying. In each of these application areas, ITEC manufactures both current and voltage instrument transformers. ITEC’s customers include many of the nation’s largest investor-owned utilities as well as municipal, cooperative, and industrial clients, and the company’s products are used throughout the electrical generation, transmission and distribution systems, from instrument transformers on nuclear generators to instrument transformers connected to meters on small industrial facilities. For more information, visit

About Falfurrias Capital Partners

Falfurrias Capital Partners, founded by former Bank of America Chairman and CEO Hugh McColl Jr. and former Bank of America Chief Financial Officer Marc D. Oken, is a Charlotte-based private equity investment firm focused on acquiring or investing in a diverse portfolio of middle-market companies operating in the southeastern U.S. 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. For more information, visit

About the Customized Fund Investment Group

The Customized Fund Investment Group (“CFIG”) is one of the largest and deepest investment teams dedicated to private equity investing. As of December 31, 2012, CFIG manages over $31 billion (1) in commitments to private equity funds of funds and co-investments, both in the U.S. and internationally. CFIG’s  140 professionals are based at the group’s offices in New York, London, Hong Kong, Singapore, Austin, Columbus, Detroit, Los Angeles, Portland and Raleigh.

CFIG specializes in developing customized private equity investment programs that address the specific needs of investors. CFIG develops fund investment programs for active institutional investors who have a specific portfolio needs, and for emerging institutional investors who have a need for assistance with asset allocation, portfolio development and administration, due diligence, and other advisory services, or any combination thereof. Once established, CFIG takes a service-oriented, long-term partnership approach to its customized accounts. CFIG’s clients include sophisticated institutions and high-net worth investors.


1. Includes approximately $6.7 billion of commitments relating to funds that CFIG currently manages, but which were not raised by and which were not invested by CFIG.