L Squared Capital Partners has closed its fifth flagship fund at its $2bn hard cap, capitalising on strong investor demand for growth-focused strategies.

Fund V was significantly oversubscribed and more than doubles the size of its predecessor, highlighting continued appetite for sector-focused buyout strategies.

The close brings L Squared’s total cumulative capital commitments to approximately $5.3bn, reinforcing the firm’s position in the mid-market growth segment.

“We are deeply appreciative of the enthusiastic support from our longstanding partners and the strong interest from a broad range of new institutional investors,” said Rob Healy, Co-Founder and Managing Partner at L Squared.

The fund attracted a global investor base, including pension funds, sovereign wealth funds, insurance companies, family offices, and institutional investors across Asia and Europe.

L Squared will continue its strategy of investing in high-quality growth companies across education technology, tech-enabled services and software, and industrial technology and services.

The firm focuses on businesses with recurring revenue and strong market positions, aiming to drive value through operational improvements and strategic acquisitions.

Fund V is expected to deploy capital into approximately 9 to 10 platform investments, supported by a broader buy-and-build strategy.

To date, the firm has completed 70 add-on acquisitions across 23 platforms, underscoring its focus on scaling businesses through consolidation and operational execution.

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