Growth Equity
L Squared Capital Partners
L Squared Capital Partners takes minority stakes in growing companies, usually without full control, from Newport Beach, California. It states a focus on software & internet, education and industrials & manufacturing.
Stated investment criteria
What L Squared Capital Partners says it buys
Read from L Squared Capital Partners’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
| Enterprise value it states | $50m to $500m1 |
| EBITDA it states | $5m to $50m1 |
| People listed on its team page | 192 |
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by L Squared Capital Partners to consider any particular business, and nothing on this page is represented as being for sale.
SEC filings
What L Squared Capital Partners has raised
From this firm's own Form D filings. A fund files one within fifteen days of its first sale, under penalty of perjury, which makes these the hardest numbers on the page.
| Vehicles filed | 9 |
| Total capital raised | $830m |
| Largest single vehicle | $505m |
| Filing history | 2017 to 2026 |
| Smallest accepted commitment | $1m |
| Filed from | CALIFORNIA |
Form D covers US-domiciled vehicles raised from accredited investors. It will not capture a fund raised outside the United States, separately managed accounts, or capital deployed off balance sheet, so treat these as a floor rather than a total.
Regulatory record
How L Squared Capital Partners is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | SEC registered |
| Regulatory assets under management | $2.0bn |
| Employees | 18 |
| Private funds advised | 23 · $1.7bn gross |
| SEC adviser number | CRD 288509 |
Portfolio
Disclosed holdings
Companies L Squared Capital Partners lists on its own website. 1 carry a stated investment year.
| Company | Invested | Years held | Recorded transaction |
|---|---|---|---|
| Functional Devices | 2026 | 0 | — |
| BTX Precision | — | — | — |
| Cognesense | — | — | — |
| Crane 1 | — | — | — |
| Edlio | — | — | — |
| Elevated | — | — | — |
| Ergo | — | — | — |
| Fineline | — | — | — |
| Foundant | — | — | — |
| GSI Group Holdings | — | — | — |
| Gws Tool Group | — | — | — |
| Heggerty | — | — | — |
| Kano | — | — | — |
| Kanopy | — | — | — |
| Learners Edge | — | — | — |
| Netrio | — | — | — |
| Raptor Scientific | — | — | — |
| Signupgenius | — | — | — |
| Sterling Trading Tech | — | — | — |
| Teaching Strategies | — | — | — |
| Teachtown | — | — | — |
| Virtium | — | — | — |
Compiled from L Squared Capital Partners’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.
Recorded transactions
Buying and selling
Deals in which L Squared Capital Partners is named as buyer or seller in the transaction archive. 2 recorded exits, most recently in 2024.
| Company | Side | Counterparty | Year | Consideration |
|---|---|---|---|---|
| Raptor Scientific | Sold | TransDigm Group | 2024 | $655m |
| Elevated Facility Services Group | Sold | APi Group | 2024 | $570m |
Compiled from a transaction archive of 10,204 recorded deals. Most private transactions are never disclosed, so this is a sample of a firm’s activity rather than a complete record of it.
Valuation context
Transaction values in Software & Internet
What companies have actually sold for in software & internet, across 2,672 recorded transactions.
The full software & internet picture - most active acquirers, recent transactions and every investor in the sector.
For owners
Own a software & internet business?
The investors on this page acquire companies like yours. A confidential valuation costs nothing, commits you to nothing, and nobody is told you asked.
Request a confidential valuationFor investors
Is this L Squared Capital Partners?
Claim this profile to correct anything wrong and tell us what you are looking for. We will send matching opportunities as they arise.
Claim or correct this profileTargeted buyer search
Which hundred of these would actually buy your business?
A researched shortlist with a verified deal-team contact for each, and the reason it is on the list. Fixed fee, from $1,450 - or we make the approach for you and hand you the conversations.
Comparable investors
Similar mandates
Other growth equity investors active in software & internet.