Levine Leichtman closes fifth fund on $1.65bn


dollar4_sqPrivate equity firm Levine Leichtman Capital Partners has held a final close of $1.65bn for its fifth fund, exceeding its initial $1.5bn target.

Fund V has been backed by public and private pension funds, sovereign wealth funds, endowments and foundations, insurance companies, fund of funds and family offices. The fund has already deployed $200m across two deals.

The new fund is larger than Levine’s fourth vehicle, which held a final close on $1.1bn in 2008.

Levine Leichtman CEO Lauren Leichtman said, “We are very pleased by the support we have received from existing and new limited partners. Institutional investors responded very favorably to our differentiated investment strategy and to our 30 year investment track record. LLCP has generated consistent and attractive risk-adjusted returns across many economic cycles.”

Last year AltAssets reported that the firm had raised more than $1.27bn for the fifth fund.

Earlier this year Levine Leichtman completed the management buyout of arts and crafts clay maker Polyform Products Company.

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