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L Squared Capital Partners closes fourth PE fund at $840m

L Squared Capital Partners has held the final closing for its fourth private equity fund (Fund IV) with $840m of capital commitments, taking the total raised by the firm from investors since its launch in July 2014, to over $2bn.

L Squared fully deployed its $505m third fund earlier this year through investments in ERA Industries.

The latest fundraise received strong support from existing investors and was supplemented by several new high-quality limited partners, including both institutions and additional large family offices, domestically and internationally.

To date, L Squared has completed 17 platform investments and is in the process of closing its 50th add-on transaction, acquiring over $3 billion of enterprise value. All investments have been made within the firm’s sectors of focus, including Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services.

The vast majority of these transactions have been completed with founder-led companies undergoing their first institutional transaction.

The firm has also successfully completed several exits to date across Funds I and II.

L Squared, which currently manages ten platform investments across its predecessor three funds, intends to add eight to ten new investments via Fund IV, and will continue to focus on majority investments in growing companies based in North America that operate in its sectors of focus.

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