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L Squared Capital Partners (“L Squared”) announced the first and final closing of L Squared Capital Partners V (“Fund V”) on April 2, 2026, marking a major milestone for the firm as it continues its disciplined growth strategy. The fund was significantly oversubscribed, enabling an efficient fundraising process supported by strong re-ups from existing investors and the addition of select global institutional partners.
Fund V more than doubles the size of its predecessor, Fund IV, which closed at $840 million in 2023. The strong investor demand reflects confidence in L Squared’s consistent investment approach and long-term value creation strategy. The firm expanded its investor base to include leading pension funds, family offices, insurance companies, sovereign wealth funds, and institutional investors across Asia and Europe.
L Squared remains focused on partnering with founder-led and entrepreneur-driven businesses, providing long-term capital and operational expertise to accelerate growth. The firm targets companies with recurring revenue models, strong market positions, and multiple growth levers across its core sectors: education technology, tech-enabled services and software, and industrial technology and services.
The firm’s investment strategy emphasizes thematic buy-and-build approaches, scaling platform investments through add-on acquisitions and operational improvements. To date, L Squared has completed 70 add-on acquisitions across 23 platform companies and expects Fund V to support approximately 9 to 10 new platform investments alongside a robust pipeline of follow-on acquisitions.
Led by Managing Partners Rob Healy, Sean Barrette, Randall Hunt, and Adam Kimura, L Squared continues to build on nearly two decades of collaboration and a 12-year track record as a firm, with a continued focus on talent development and operational excellence.
Eaton Partners, a Stifel Company, acted as the exclusive placement agent for the fundraise, while Vedder served as legal counsel.
About L Squared Capital Partners
L Squared Capital Partners is a growth-oriented private equity firm focused on investing in middle-market, founder-led businesses across education technology, tech-enabled services and software, and industrial technology and services. The firm partners closely with management teams to drive long-term value creation through organic growth initiatives and strategic acquisitions. Since its founding, L Squared has completed numerous platform investments and add-on acquisitions, and manages approximately $5.3 billion in cumulative capital commitments.
