FLL Partners has closed its oversubscribed fifth fund, FFL Capital Partners V LP, with just over $900 million in capital commitments. The new fund’s original target was $750 million.
FFL’s earlier fund closed in May 2015 and Fund V is the first fund raised by FFL since Cas Schneller and Chris Harris were named managing partners in June 2020. Messrs. Harris and Schneller, who have both been with FFL for more than a decade, manage the firm alongside managing partner and co-founder Spencer Fleischer. Co-founder Tully Friedman is now a senior advisor to the firm.
“We are grateful for the positive response we received from our diverse group of existing and new investors, and we appreciate their confidence in our hyper-specialized, high-engagement strategy within healthcare and tech-enabled services,” said Mr. Schneller.
FFL makes control and minority investments of $50 million to $200 million in middle-market companies that are active in healthcare and tech-enabled services. The firm was founded as Friedman Fleischer & Lowe in 1997 and is headquartered in San Francisco.
Fund V has already closed on investments in Velocity Global, a Denver-based provider of cloud-based talent management software (March 2021); New Look Vision Group, a Montreal-based provider of eye care products and services (May 2021); One Senior Care, a Pennsylvania-based provider of elder care (December 2021); Community Medical Services, an Arizona-based provider of behavioral therapy services (December 2021); Optomi Professional Services, a Georgia-based provider of IT consulting and outsourcing services (December 2021); and Perlman Clinic, a San Diego-based provider of primary, urgent care, behavioral health, and wellness services (April 2022).
“Our team is excited about the six platform investments we have already made in Fund V, all of which are representative of our strategy,” said Mr. Harris. “As we deploy the rest of the fund, we look forward to partnering with additional founders, owners, and leadership teams to help them scale, enhance operations, and build strong, profitable middle-market businesses.”
FFL used Aviditi Advisors as its placement agent for Fund V and Kirkland & Ellis provided legal services.
© 2022 Private Equity Professional | June 15, 2022
