L Squared Capital Partners Closes Fifth Fund at $2.0 Billion Hard Cap

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9:00 AM on Thursday, April 2

The Associated Press

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Apr 2, 2026--

L Squared Capital Partners (“L Squared” or the “Firm”) today announced the first and final closing of its fifth private equity fund, L Squared Capital Partners V (“Fund V”), at $2.0 billion, reaching its hard cap. The fund was significantly oversubscribed, enabling L Squared to complete a highly efficient fundraising process anchored by strong re‑ups from existing investors and the strategic, selective addition of high‑quality global institutional partners. With the closing of Fund V, which was completed just prior to the firm’s 12 th anniversary, L Squared has raised nearly $5.3 billion of cumulative capital commitments.

Fund V represents a major milestone for the Firm, more than doubling the size of its $840 million Fund IV, which closed in 2023. Investor demand materially exceeded available capacity, allowing L Squared to thoughtfully expand its investor base to include leading state pension funds, family offices, insurance companies, sovereign wealth funds, fund-of-funds, and international institutional investors in Asia and Europe that align with the Firm’s long‑term orientation and disciplined approach to capital deployment.

“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 of L Squared. “The significant oversubscription of Fund V enabled us to execute a first and final close efficiently while remaining disciplined in both fund size and investor selection. This outcome reflects the consistency of our strategy, our focus on partnership, and our ability to invest wisely across market cycles.”

Eaton Partners, one of the world’s leading private fund placement agents and a Stifel Company, served as the exclusive placement agent for Fund V. “What L Squared has achieved with Fund V is truly exceptional,” said Eric Deyle, Managing Director & Global Co-Head at Eaton Partners. “In a fundraising environment that remains incredibly challenging, the speed and scale of this first and final closing stand out. The overwhelming demand we saw speaks directly to the market’s confidence in the L Squared team and their unique, long-term approach to value creation.”

Firm Leadership

L Squared is led by its four Managing Partners, Rob Healy, Sean Barrette, Randall Hunt, and Adam Kimura, who have worked together for nearly 20 years. Over the past 12 years, the Firm has built a highly stable and talented team and fostered the growth of its professionals as they build long-term careers at L Squared. The Firm intends to continue thoughtfully adding talent while leveraging AI-enabled capabilities to enhance efficiency and productivity. L Squared maintains a highly consistent investment philosophy centered on partnering with founder‑led and entrepreneur‑driven growth companies, providing long‑term capital and operational support to accelerate sustainable growth both organically and through accretive acquisitions.

Investment Strategy

Consistent with prior funds, Fund V will continue L Squared’s disciplined, sector‑focused investment strategy, targeting high‑quality growth companies within its core verticals: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services.

L Squared focuses on businesses with repeating or recurring revenue, defensible market positions, and multiple organic and inorganic growth levers. L Squared emphasizes long‑term value creation over financial engineering, partnering closely with management teams to invest in people, go-to-market, systems, technology, and strategic acquisitions. A defining element of the Firm’s approach is its commitment to building world-class management teams by recruiting, developing, and retaining exceptional leadership as a core driver of long-term value.

Within its target verticals, the Firm executes proactive thematic buy-and-build strategies, identifying high-conviction platform investments and systematically scaling them through targeted add-on acquisitions, operational improvements, and deliberate market consolidation to build sector leaders. To date, L Squared has completed 70 add-on acquisitions across 23 platforms. In Fund V, the Firm expects to make approximately 9 to 10 new platform investments, complemented by a robust add‑on acquisition strategy, while maintaining a patient ownership mindset.

Advisors to L Squared

Eaton Partners, a Stifel Company, served as the exclusive placement agent for Fund V. Vedder served as legal counsel.

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About L Squared Capital Partners

L Squared Capital Partners is a private equity investment firm headquartered in Newport Beach, CA, with approximately $5.3 billion of historical cumulative capital commitments that seeks to make long-term investments in leading growth companies operating in targeted sectors: Education Technology, Technology-Enabled Services & Software, and Industrial Technology & Services. L Squared’s unique investor base of family offices and institutions enables the Firm to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for nearly 20 years, investing in growing private companies. For more information, please visit www.LSquaredCap.com.

Provided for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors who fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.

View source version on businesswire.com:https://www.businesswire.com/news/home/20260402048437/en/

CONTACT: Rob Healy

Co-Founder & Managing Partner

[email protected] Barrette

Managing Partner

[email protected] Hunt

Managing Partner

[email protected] Kimura

Managing Partner

[email protected]

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES EDUCATION TECHNOLOGY SOFTWARE FINANCE ASSET MANAGEMENT OTHER EDUCATION