LLR Partners, a near two-decade-old private equity firm based in Philadelphia, PA-has raised over $945 million for its fifth fund, according to a recent SEC filing.
The middle-market private equity firm did not list a target on the document. In February 2017, the firm filed regulatory paperwork for its fifth flagship fund, indicating that it had already raised at least $200 million for the vehicle.
In March 2014, LLR Partners closed its fourth fund, LLR Equity Partners IV, at $950 million.
The firm, which targets middle market growth companies with proven business models and strong management teams, makes minority and majority investments across a targeted set of industries with a focus on technology and services. Before its fifth fund, the firm had raised over $2 billion across its four funds, providing capital to startups seeking growth, recapitalizations and buyouts, according to Crunchbase.
The firm has made at least 54 investments and has led 24 fundraising rounds. In late 2017, LLR led an investment in eLocal USA, a decade-old internet advertising company that connects consumers to local businesses in the home services and legal sectors. Earlier in the year, the company acquired 3SI Security Systems, a leading asset protections systems and GPS tracking technology solutions provider for the financial services and retail markets.
Partner Seth J. Lehr has been with LLR since 1999, bringing his background in investment banking at firms such as Legg Mason, First Boston and Lehman Brothers. Ira M. Lubert, another partner at the firm since its beginning days, is a co-founder of Independence Capital Partners, which is now comprised of seven fund families across various asset classes, including LLR Partners. Partner Howard D. Ross previously spent 26 years at Arthur Anderson as a Senior Partner.
Chief Financial Officer Noah Becker came to the firm in 2002 with over two decades of experience in the corporate financial and public accounting sectors. Prior to joining LLR, he served as CFO of Finite Carbon. Partner and Chief Operating Officer Todd Morrissey started at LLR in 2004, where he now runs Business Development, Operations and Value Creation. Prior to LLR, he held positions at investment firms including Advanta Partners and Merrill Lynch.