Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, announced today the closing of LLCP Lower Middle Market Fund III LP with total capital commitments of $1.38 billion. LMM III, which was oversubscribed and closed at its increased hard cap, received support from existing and new institutional investors across North America, Europe, the Middle East, and Asia.

LMM III will invest primarily in U.S.-based lower middle market companies with less than $50 million of revenues.

Matthew Frankel, managing partner at LLCP, said, “We are pleased with LMM III’s extraordinarily successful fundraise, which highlights the global investment community’s interest in LLCP’s proven strategy of partnering with entrepreneurial companies positioned for long-term growth. We are grateful for the trust of our limited partners, both returning and new.”

Michael Weinberg, managing partner at LLCP, added, “The success of LLCP’s lower middle market investment strategy through our prior two dedicated funds reflects our team’s ability to source attractive investment opportunities, partner with talented management teams and build great companies. We are excited to have the support of leading global investors as we continue to create value across the U.S. lower middle market.”

Kirkland & Ellis LLP served as fund counsel and Campbell Lutyens served as placement agent with respect to LMM III.