LLCP Doubles Mid-Market Fund, Hits Increased Hard Cap
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LLCP Doubles Mid-Market Fund, Hits Increased Hard Cap

The firm's new fund is more than double the size of its 2016 $615 million predecessor

Levine Leichtman Capital Partners (LLCP) has closed its latest fund, LLCP Lower Middle Market Fund III LP (LMM III), with total capital commitments of $1.38 billion. The new fund was oversubscribed and closed at its increased hard cap.

Limited partners in LMM III include existing and new institutional investors across North America, Europe, the Middle East, and Asia. LLCP’s new fund is more than double the size of LMM II, which closed in 2016 with total capital commitments of $615 million.

“We are pleased with LMM III’s extraordinarily successful fundraise, which highlights the global investment community’s interest in LLCP’s proven strategy of partnering with entrepreneurial companies positioned for long-term growth,” said Matthew Frankel, a managing partner at LLCP. “We are grateful for the trust of our limited partners, both returning and new.”

As with its predecessor funds, LMM III will invest in United States-based lower middle market companies with less than $50 million of revenues that are active in the franchising, business services, education and engineered products sectors. The new fund has already invested in one (as yet unannounced) new platform.

LLCP invests in middle-market companies located in the United States and Europe. Sectors of interest include consumer and branded products, franchises, business services, healthcare, education, engineered products and light manufacturing.

“The success of LLCP’s lower middle market investment strategy through our prior two dedicated funds reflects our team’s ability to source attractive investment opportunities, partner with talented management teams and build great companies,” said Michael Weinberg, a managing partner at LLCP. “We are excited to have the support of leading global investors as we continue to create value across the U.S. lower middle market.”

Since its founding in 1984 by Arthur Levine and Lauren Leichtman, LLCP has managed approximately $12.7 billion of institutional capital across 15 investment funds and has invested in over 90 portfolio companies. In 2020, LLCP announced a management succession plan that named Messrs. Frankel and Weinberg as managing partners. As part of the plan, Mr. Levine and Ms. Leichtman became co-chairpersons of LLCP’s executive and investment committees.

LLCP currently has $9 billion of assets under management with offices in Los Angeles, New York, Chicago, Charlotte, Miami, London, Stockholm and The Hague.

Campbell Lutyens was the placement agent on this fundraise and Kirkland & Ellis provided legal services.

© 2021 Private Equity Professional | September 22, 2021

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