Level Equity closes Fund III with $350 mln from LPs: Updated

  • Firm: Level Equity Management
  • Fund: Level Equity Growth Partners III LP
  • Target: $350 mln

Level Equity Management held a final close on its third fund Monday with $350 million of limited partner commitments, according to Level Equity Chief Operating Officer Nathan Linn.

It’s not clear how big the fund is including the GP commitment.

Level on March 17 filed a Form D with the Securities and Exchange Commission for Level Equity Growth Partners III. The document doesn’t give a target for Fund III, though an LP source said Fund III was targeting $350 million.

Former Insight Venture Partners executives Benjamin Levin and George McCulloch formed Level Equity in 2009. They’re listed as control owners in Level’s Form ADV. Linn is listed as a control person but not an owner. Sarah Sommer also is listed as a partner and founder of Level Equity on the firm’s website. She started at the firm as a principal.

The firm closed its sophomore fund on $255 million in 2013 and raised its debut fund with $130 million in 2011. Performance information for Funds I and II could not be found.

Level invests in growth businesses that “use technology to create change in their markets,” according to Level’s website. The firm targets software and data services, internet and media and e-commerce.

Past investments include cybersecurity firm Wombat Security Technologies, textbook-rental service Sidewalk and mobile-payment-software company Ensenta.

Earlier this month, Level led a $35 million funding round in Vacasa, a Portland, Oregon, vacation-rental company. In March, Level led an undisclosed Series A funding round in ClubReady, a software provider for the fitness and wellness industry.

Update: This story was updated with new information about the final close of Fund III sent by Level Equity COO Nathan Linn on Tuesday morning.

Action Item: Check out Level Equity’s Form ADV here: http://1.usa.gov/1SFzhDZ

Photo of Ben Levin courtesy of Level Equity Management