Levine Leichtman passes $2 bln for Fund VI

  • Levine Leichtman makes mid-market structured equity investments
  • Firm’s recent investments include legal publications, Round Table Pizza
  • Previous fund netting a 10.5 pct IRR as of June 30, 2017

Levine Leichtman Capital Partners passed the $2 billion threshold on its latest flagship fund fund, according to several May 15 SEC filings.

The firm is targeting $2.2 billion for Fund VI, the filings show. The amount that’s been committed to Fund VI so far includes commitments from the firm’s general partnership group, according to the filings.

Levine Leichtman first gave notice of its fundraising plans last May, when it filed a Form D for Fund VI with the SEC. Last June, the Wall Street Journal reported the firm had raised about $1.8 billion.

Levine Leichtman, which specializes in making structured equity investments in mid-market U.S. companies, recently acquired Round Table Pizza through one of its portfolio companies, Global Franchise Group.

The firm’s been very active pursuing new assets relating to the legal field this year, as well. In January, Levine Leichtman acquired Law Research Bureau, a research and publication service. Four months later the firm partnered with management to acquire Best Lawyers, a peer-review legal publication.

Levine Leichtman Capital Partners IV was netting a 19.6 percent internal rate of return and 1.8x multiple as of June 30, 2017, documents released by Connecticut Office of the State Treasurer say. Fund V, which closed on $1.65 billion in 2014, was netting a 10.5 percent IRR and 1.2x multiple as of the same date.

Levine Leichtman, led by CEO Lauren Leichtman and President Arthur Levine, has offices in Beverly Hills, Chicago, Dallas, New York, London and the Hague. The firm opened an office in Charlotte earlier this month.

The firm did not respond to requests for comment.

Action Item: For more on Levine Leichtman, visit www.llcp.com

Hands are silhouetted against a backdrop projected with the picture of various currencies of money in this illustration taken April 4, 2016. REUTERS/Kacper Pempel/Illustration