Yes, this capability is available with register_post_type, via the show_in_menu argument, but whether or not the particular plugin you are using supports this I don’t know.
add_action( 'init', 'wpa70679_custom_types' );
function wpa70679_custom_types() {
register_post_type( 'parent_type',
array(
'public' => true,
'labels' => array(
'name' => 'Parent post type'
)
)
);
register_post_type( 'child_type',
array(
'public' => true,
'show_in_menu' => 'edit.php?post_type=parent_type',
'labels' => array(
'name' => 'Child post type'
)
)
);
}

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