Mid-market private equity firm LLR Partners has hit a final close of $950m for its fourth fund.
The fund’s investment period started in 2013 and it has backed five companies – ACRE, Cigital, iJET, Logi Analytics and Ultisat. LLR Equity Partners IV is larger than the Philadelphia-based firm’s third vehicle, which raised $800m in 2008.
LLR invests between $15m and $100m in companies with annual revenues of up to $150m.
It makes both minority and majority investments in various deals including growth capital, recapitalizations and buyouts.
LLR partner Mitchell Hollin said, “Since launching our first fund in 1999, LLR has brought a collaborative approach to working with middle market companies that have an opportunity to become leaders in their industry niches.
“We are looking for companies with a proven business model, a good management team, and that seek a partner to rapidly grow the business.”
The fimr’s recent deals include an investment in embedded analytics specialist Logi Analytics as part of its $27.5m funding round.
Earlier this year LLR hired former Assistant US Secretary of State John Hillen as an operating partner.
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