L Squared Closes 4th Private Equity Fund at $840M
L Squared Capital Partners, a Newport Beach, CA-based private equity tech firm, closed its fourth fund at $840 million, a 59% jump from its $505 million predecessor fund.
This raise received support from existing investors and was supplemented by several new limited partners, including institutions and additional large family offices, both domestically and internationally.
L Squared Capital Partners makes long-term investments in growth companies that operate in EdTech, tech-enabled services & software, and IT & services.
Co-founder and managing partner Rob Healy, said, “The strong growth in our business in a somewhat more challenging economic environment is a great testament to the hard-working management teams that run our businesses.”
The firm manages 10 platform investments across its three predecessor funds and intends to add eight to 10 new platform investments within Fund IV while continuing to manage the firm’s portfolio from its predecessor funds.
The firm, which has over $2 billion of equity commitments under management, has completed 17 platform investments and is in the process of closing its 50th add-on transaction, acquiring over $3 billion of enterprise value.
L Squared is managed by Rob Healy, Jeff Farrero, Sean Barrette, Randall Hunt and Adam Kimura, all of whom worked together at Chicago Growth Partners prior to founding the firm in July 2014.