Levine Leichtman Capital Partners has held a final close on $1.65 billion for its fifth fund targeting debt and equity investments in the lower end of the mid-market, according to a statement.
Fund V was oversubscribed and exceeded its $1.5 billion target and $1.6 billion soft-cap. The fund has already invested a total of $200 million in two investments to date. Limited partners in Fund V include the Los Angeles City Employees’ Retirement System, the Ohio Public Employees Retirement System and the North Carolina State Treasury, according to Private Equity International’s Research and Analytics division.
Key executives on the fund are Arthur Levine and Lauren Leichtman.
Fund V is charging a management fee of 1.65 percent, according to analysis by consultant Franklin Park. The management fee will be offset by 100 percent of directors’ fees and annual transaction fees in excess of $3 million, according to documents from the Connecticut Retirement Plans and Trust fund, another LP in the fund. Connecticut committed $75 million to the firm’s prior Fund IV, which closed on $1.1 billion in 2008.
Levine Leichtman was unavailable for comment at press time.