LLR Partners, a Philadelphia-based private equity firm specializing in the lower middle market, has closed its seventh fund, LLR Equity Partners VII, L.P. (LLR 7), at $2.45 billion. This marks a significant increase from its predecessor, LLR 6, which closed at $1.8 billion in October 2020. LLR 7 includes substantial contributions from LLR’s partners and employees, alongside a diverse group of global investors. 

Investors include the Pennsylvania State Employees’ Retirement System with a $75 million commitment, the Employees Retirement System of Texas with a $50 million investment, and the Plymouth County Retirement Association with a $10 million contribution. 

LLR 7 upholds the firm’s 25-year tradition of investing in growth companies within the technology and healthcare sectors. With a team of over 100 professionals, including a dedicated value creation unit and senior operating advisors, LLR 7 will deploy $25 million to $100 million in minority and majority equity investments to support growth, recapitalizations, and buyouts. 

The firm began deploying capital from the fund last year, making a $40 million minority equity investment in Suvoda, a SaaS provider of clinical trial software. The fund also completed transactions with four other companies: KEEPS, a SaaS platform for automotive service centers; Nonstop Health, offering healthcare cost containment solutions for small and medium-sized businesses; Soltis Investment Advisors, a registered investment advisor managing over $9 billion in client assets; and TurboTenant, a software provider for single-family rental landlords. 

Since its founding in 1999, LLR has raised more than $7 billion. 

Asante Capital Group served as the placement agent, with legal counsel provided by Latham & Watkins.