L Capital Closes Fund III With $76 Million in Capital Commitments and Announces Three New Platform Investments
San Francisco, California | May 2024
L Capital is pleased to announce the final closing of its third flagship fund, L Capital III LP and L Capital III QP (collectively “Fund III”), with $76 million in total capital commitments. Fund III takes L Capital’s total assets under management to over $160 million and represents a 40% increase from Fund II, a $54 million 2019 vintage vehicle (now fully invested).
Since launching its private equity strategy in 2015, L Capital has invested in 29 new platform companies across North America, Europe and Australia and deployed over $105 million of equity.
“We are incredibly grateful for the support from our existing investors and are thrilled to add several new family office relationships in Fund III,” said Bart Foster, Managing Partner at L Capital. “Our latest fund is a continuation of the core L Capital strategy – leverage our proprietary executive network to unlock quality investment opportunities and drive top-quartile returns for our Limited Partners.”
Fund III will invest alongside leading buyout sponsors into middle-market companies across Technology, Business Services, Industrial and Consumer sectors. Fund III’s Limited Partners include 100+ high net-worth individual investors and single/multi-family offices. The L Capital General Partners represent 6%+ of the total committed capital.
To date, the team has deployed approximately $33 million from Fund III, including three new platform investments in the first half of 2024:
- Rimkus, a leading forensic engineering and consulting business alongside HGGC
- Duetto, a hospitality revenue management software provider alongside GrowthCurve Capital
- TriplePoint, a mechanical, electrical and plumbing (MEP) platform alongside Stellex Capital
L Capital held its initial closing for Fund III in December 2022 and will continue to invest in new platforms through 2025.
About L Capital
L Capital is a specialty private equity firm that advises and invests alongside leading buyout and growth equity firms. Our strategy leverages longstanding private equity sponsor relationships and a global executive network to unlock and transform PE deal opportunities across the Technology, Business Services, Industrial and Consumer sectors. The result: strategic insights for PE investors, high-impact leadership for their portfolio companies and access to differentiated returns for L Capital’s limited partners.
Founded in 2015, L Capital is a part of a unique platform serving the private equity industry. Our affiliated executive search and advisory firms, provide access to a network of 200,000+ senior executives which we leverage to provide value across the PE investment lifecycle including deal origination, diligence support, executive search, and team buildouts. This executive network is a key differentiator and offers a unique lens into companies through the executives who lead them. For more information, visit: www.lcapitalmgmt.com.
For more information regarding L Capital Investments, please contact:
Bart Foster, Managing Partner –
Michael Misiaszek, Principal –