LLR Partners raises $1.2bn

The Philadelphia-based firm closes its oversubscribed fifth fund after 20 months on the road.

LLR Partners held a final close of its fifth flagship fund, LLR Equity Partners V, at $1.2 billion.

The oversubscribed vehicle, which launched in October 2016 at an initial target size of $950 million, will focus on the education, fintech, healthcare, security and software industries. The Philadelphia-based investment firm said it plans to invest between $15 million and $100 million in businesses with up to $100 million in annual revenue, mainly through buyouts, recapitalizations and growth equity positions.

Limited partners in the fund include the Pennsylvania Public School Employees’ Retirement System, which committed $200 million, and the Ohio Public Employees Retirement System, which invested $175 million.

LLR’s prior fund in the series, LLR Equity Partners IV, closed on $950 million in 2014.