Levine Leichtman Capital Partners closed its latest buyout fund, LLCP Lower Middle Market Fund III, at its increased hard cap of $1.38bn, spokesman Mark Semer said in an email.
The oversubscribed fund had a fundraising target of $1 billion and an original hard cap of $1.25 billion.
The current fund is also more than double the size of its predecessor fund, which closed in 2016 at $615 million.
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LMM III invests in domestic entrepreneur-led businesses with less than $50 million of revenues.
Investors in the new fund include the $199.6 billion Florida State Board of Administration, Tallahassee.
Source: Pensions & Investments
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