Overview
A. Level Equity, a Delaware limited liability company formed in 2009, is a registered investment
adviser located in New York, New York. The majority of the Firm is owned by Benjamin
Levin (the “Principal”).
B. The Firm provides investment advisory services to pooled investment vehicles (the “Funds”)
and co‐investment vehicles (“Co‐invests” collectively with the Funds, “Clients”). Level
Equity provides discretionary investment management services to the Clients in accordance
with the applicable limited partnership agreements, investment management agreements,
operating agreements, offering memoranda and other such agreements (the “Governing
Documents”). The Governing Documents of the Funds typically allow the general partners
(“General Partners”) to establish one or more Co‐invests to facilitate additional investment
by investors who may or may not be investors in the Funds in some or all of the investments
made by the Funds. The Firm has adopted policies and procedures to address co‐investment
opportunities to investors and/or third parties which Level Equity believes to be suitable for
co‐investment opportunities.
Level Equity seeks to generate long‐term capital gains for its Clients. The Firm’s primary
investment objective is to invest, through equity and debt interests, in rapidly growing,
privately held, capital efficient businesses (“Portfolio Companies”) with the goal of
increasing enterprise value primarily through growth.
Level Equity is affiliated with other entities that are General Partners to the Funds and
managing members (“Managing Members”) to the Co‐invests. The General Partners and
Managing Members delegate day‐to‐day management responsibilities for the Clients to Level
Equity. The advisory services of Level Equity and Managing Members are described in this
Brochure and in the related Governing Documents. The General Partners will rely upon the
investment adviser registration of Level Equity in accordance with related SEC guidance. The
information set forth herein regarding the investment advisory services provided by Level
Equity shall also apply in respect of the General Partners and Managing Members unless
specifically noted.
C. Level Equity does not provide advisory services to underlying investors in the Clients. Such
investors accept the terms of advisory services as set forth in each Client’s Governing
Documents. The Firm expects to have broad investment authority with respect to the Clients
and, as such, prospective investors should consider whether the investment objectives of the
Clients are in line with their individual objectives and risk tolerance prior to investment.
D. Level Equity does not participate in wrap fee programs.
E. As of December 31, 2023, Level Equity managed $3,486,917,773 in regulatory assets on a
discretionary basis. All of Level Equity’s regulatory assets under management are
discretionary.