A Cary telecom company run by an endurance athlete has raised $22 million in financing from an investment group with strong Tar Heel ties.

The money marks the first time Bandwidth.com, founded in 1999 by CEO David Morken, has taken private funding.

It's also the first investment made by Carmichael Partners, a Charlotte firm founded last year by UNC Chapel Hill alumni Brian Bailey and Kevin Martin.

Bailey's background is in private equity. Martin is a lawyer and former chairman of the Federal Communications Commission. The two have been friends for more than 25 years, and were back-to-back student body presidents at UNC in the late 1980s.

"We're not focused exclusively on North Carolina companies, but it is great to help build a company in our home state," Bailey said.

The Tar Heel native who recently served as the nation's top communications regulator is returning to his roots.

Kevin Martin, who stepped down as chairman of the Federal Communications Commission a year ago, is starting a private equity firm that will be based in Charlotte. Carmichael Partners will invest in family owned and privately held businesses with growth potential.

His partner is Brian Bailey, who recently left Carousel Capital, another Charlotte-based investment firm.

Martin, 43, grew up in Waxhaw, just south of Charlotte, and later earned degrees from UNC-Chapel Hill and Duke University. He joined the FCC as a commissioner in July 2001 and was named chairman of the agency by President Bush in March 2005.