Philadelphia private equity firm LLR Partners has closed a $950 million fund.

The fund, called LLR Equity Partners IV LP, is the firm's fourth fund, and will make minority and majority investments in business services, consumer, education, financial services, security, defense, government services, health care services, software and information technology services companies.

Despite a dip in M&A transactions, several private equity firms have recently closed funds, including Intervale, which closed a $495 million fund in February, and Odyssey Investment Partners, which closed a $2 billion fund in February.

LLR usually invests between $15 million and $100 million in companies with up to $150 million in annual revenue. So far the new fund has closed investments in five companies – Acrew, Cigital, iJet, Logi Analytics and Ultisat. LLR made the iJet investmentin December, after investing $27.5 million in partnership with Updata Partners in Logi Analytics in October. 


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