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Laxman Pai, Opalesque Asia: Los Angeles-based private equity firm Levine Leichtman Capital Partners (LLCP) closed its latest buyout fund, LLCP Lower Middle Market Fund III (LMM III), at its increased hard cap of $1.38 billion.
The oversubscribed fund had a fundraising target of $1 billion and an original hard cap of $1.25 billion, said a press release from the middle-market private equity firm.
LMM III received strong support from existing and new institutional investors across North America, Europe, the Middle East, and Asia, it said.
Matthew Frankel, the Managing Partner at LLCP, said, "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. We are grateful for the trust of our limited partners, both returning and new."
Investors in the new fund include the $199.6 billion Florida State Board of Administration, Tallahassee.
According to the release, LMM III will invest primarily in U.S.-based lower middle market companies with less than $50 million of revenues. The fund will utilize LLCP's highly successful structured private equity strategy to invest in entrepreneur-led businesses, generating a combination of growth and income for investors.
LMM III will be led by the Partners of LLCP, with the support of the firm's established team of investment, origination, and other pr...................... To view our full article Click here
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