Levine Leichtman aims to raise up to $3.3bn for its first flagship fund following co-founder succession.

Levine Leichtman Capital Partners (LLCP), a private equity firm based in Los Angeles, is reportedly seeking to raise up to $3.3 billion for its first flagship fund following a succession of co-founders. The firm, which specializes in middle-market investments, has been in operation for over 35 years and has raised more than $10 billion in capital across various funds.

LLCP was founded in 1984 by Lauren Leichtman and Arthur Levine, who served as co-CEOs until 2019 when they stepped down from their roles. The firm is now led by Tony Strauss, who was appointed as CEO in 2019, and Matthew Frankel, who serves as president.

LLCP’s first flagship fund, LLCP VI, is expected to focus on investments in North American companies with enterprise values between $100 million and $1 billion. The fund will reportedly target a range of sectors, including healthcare, consumer products, and business services.

LLCP has a strong track record of successful investments in middle-market companies. The firm has completed over 80 platform investments and over 150 add-on acquisitions since its inception. LLCP’s portfolio includes companies such as Capsa Healthcare, a provider of healthcare solutions, and Trinity Consultants, an environmental consulting firm.

LLCP’s decision to raise a flagship fund comes at a time when private equity firms are facing increased competition for deals and rising valuations. According to data from PitchBook, private equity firms raised a record $453 billion in 2020, up from $331 billion in 2019.

LLCP’s fundraising efforts are also taking place against the backdrop of the COVID-19 pandemic, which has had a significant impact on the global economy. However, the firm has expressed confidence in its ability to identify attractive investment opportunities despite the challenging environment.

In a statement announcing the launch of LLCP VI, Tony Strauss said: “We believe that the current environment presents a compelling opportunity for our investment strategy, and we are excited to partner with exceptional management teams to build great companies.”

LLCP’s fundraising efforts are expected to be closely watched by industry observers, given the firm’s reputation as a successful middle-market investor. If successful, LLCP VI could provide a significant boost to the firm’s ability to make new investments and generate returns for its investors.

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