Levine Leichtman Capital Partners has raised at least $1.27 billion towards a $1.5 billion target for its Capital Partners V fund, according to a document filed on Monday with the US Securities and Exchange Commission.
The $1.5 billion total is aggregated from the main vehicle and a parallel fund, according to a note attached to the filing. The firm is approximately $222 million away from reaching that stated target.
Levine Leichtman Capital Partners V will invest in mid-market debt and equity securities, according to Connecticut Investment Advisory Committee documents released in May. The firm’s previous capital partners vehicle had generated a 1.6x investment multiple and 25.7 percent net internal rate of return as of 31 December, according to the California Public Employees’ Retirement System.
It is unclear whether this filing represents a close. A spokesperson for Levine Leichtman had not responded to a request for comment at press time.
Fund V will charge a 2 percent fee on invested capital, according to Connecticut documents. Lauren Leichtman, Arthur Levine, Robert Poletti, Stephen Hogan, Steven Hartman, Kimberly Pollack and Aaron Perlmutter hold seats on the vehicle’s investment committee.
Levine Leichtman’s investment strategy includes structured equities – investments in a combination of subordinated notes, preferred stock and common stock – as well as distressed debt and leveraged credit, according to the firm’s website. The firm was founded by Levine and Leichtman in 1984. It manages approximately $6.5 billion of institutional capital on behalf of a variety of limited partners.
Levine Leichtman maintains offices in Los Angeles, Dallas, Chicago, New York and London.