Los Angeles-based private equity firm Levine Leichtman Capital Partners (LLCP) has held the final close of its seventh flagship fund, securing more than $3.6bn in capital commitments – well above its initial fundraising target.
LLCP Fund VII was significantly oversubscribed, despite ongoing fundraising headwinds across the industry, with strong backing coming from both existing limited partners and a diverse group of new institutional investors. The close brings LLCP’s capital raised across its platform to over $4bn in the past 24 months, including substantial co-investment allocations.
Fund VII will continue the firm’s established investment approach, targeting market-leading middle-market companies across sectors such as franchising, business services, education & training, and engineered products. The fund has already deployed capital into three platform investments: All4, Schülerhilfe, and USA Water. A fourth platform investment is expected to close this month.
The successful fundraise follows an active period of exit activity for LLCP, with $4.6bn in realisations over the past three years. High-profile exits include Encore Fire Protection, Tropical Smoothie Cafe, Law Business Research, and Hand & Stone.
Fund VII represents a step change in scale for LLCP, coming in nearly 1.5x larger than its predecessor, Fund VI, which closed at $2.5bn in 2018.
