Level Equity’s sophomore fund closes at $255 mln

Firm: Level Equity Management LLC

Fund: Level Equity Growth Partners II LP

Target: $255 million

Amount raised: $255 million

Level Equity Growth Partners II LP held a single close with participation from corporations, endowments, entrepreneurs, family offices, and funds of funds. The latest fund comes after the firm raised its first growth equity fund in 2011 with $130 million in commitments.

Level Equity targets investments in “growing, capital-efficient businesses in minority and majority transactions” but it’s not a “seed-stage investor nor do we pursue buyout investments which require high financial leverage to achieve an adequate return,” the firm said on its website.

Current portfolio companies include Mixbook, eTouches, CampusBookRentals, Longboard Media, Made.com, BoardEffect and Strategic Healthcare Programs Inc, according to the firm’s website.

Since the firm launched in 2009, Level Equity’s team has invested in 44 growth-stage businesses, and 28 have been exited either through an IPO or acquisition, according to the firm’s website. Among exits, the firm’s Precise Technology firm was acquired by Code Hennessy & Simmons. 

Benjamin Levin, a partner and founder at Level Equity, began investing in media, software and services firms in 1997. Prior to founding Level Equity, Levin worked as a managing director at Insight Venture Partners. 

George McCulloch, partner and founder of Level Equity, began investing in software, education and data services businesses in 1999. Before founding Level Equity he was also a managing director at Insight Venture Partners and was previously with Summit Partners.

Level Equity declined a request for an interview with Buyouts.