Levine Leichtman Capital Partners Europe II closes on €463m

Alessia Argentieri
15 October 2020

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Levine Leichtman Capital Partners (LLCP) has held a final close for its second Europe-dedicated private equity fund on тЌ463m.

LLCP is a mid-market private equity firm headquartered in Los Angeles that specialises in highly flexible investments to meet the needs of management teams who require long-term capital, but wish to minimise equity dilution.

The firm has been investing in Europe since the opening of its London office in 2011, expanding its presence with the addition of offices in The Hague in 2015 and Stockholm in 2019.

Its first Europe-focused fund, Levine Leichtman Capital Partners Europe I, closed on €100m in March 2015, and has made four investments so far.

"We are excited to close our second Europe fund with commitments from returning and new LPs," said Michael Weinberg, a managing partner of LLCP. "The very positive response to the fund is a testament to the success of our first Europe fund and the differentiated investment strategy we implement on a global basis. It also reflects the strength of our European team, which is supported by the broad resources and expertise of our entire firm."

LLCP has a global team of investment professionals led by seven partners who have worked together for around 21 years. Since its inception in 1984, the firm has managed approximately $11bn in institutional capital across 14 funds and has invested in 85 portfolio companies.

LLCP currently manages assets worth around $7bn – including its most recent flagship fund, Levine Leichtman Capital Partners VI, which closed on $2.5bn in December 2018, surpassing its $2.2bn target.

The fund raised capital from institutional investors globally, including public and private pension funds, sovereign wealth funds, endowments and foundations, insurance companies, funds-of-funds, wealth management platforms and family offices.

The vehicle has already closed five investments, including one add-on acquisition, totalling more than $552m in capital invested. Its predecessor, Levine Leichtman Capital Partners V, a 2013 vintage fund, raised $1.65bn and acquired 11 portfolio companies.

Investors
Levine Leichtman Capital Partners Europe II (LLCPE II) received strong support from a large group of institutional investors, including pension funds, insurance companies, banks, family offices and foundations.

Investments
The fund follows a differentiated structured private equity investment strategy, combining debt and equity capital investments.

This strategy provides a less dilutive solution for management teams and entrepreneurs, while delivering growth and income with a significantly lower risk profile, according to the GP.

LLCPE II invests across various sectors, including business services, franchising, healthcare, education and engineering.

The fund has already completed one investment and has two additional deals under contract.

People
Levine Leichtman Capital Partners – Michael Weinberg (managing partner); John O'Neill (head of European fund investments); Wouter Snoeijers (managing director).