Levine Leichtman Capital Partners, LLC (“LLCP”), a California limited liability company
and a registered investment adviser, and its affiliated investment advisers provide investment
advisory services to investment funds privately offered to qualified investors in the United States
and elsewhere and to managed accounts.1 LLCP is the successor to Levine Leichtman Capital
Partners, Inc., which commenced operations in 1984.
LLCP’s clients include the following:
Structured Private Equity Funds:
Levine Leichtman Capital Partners III, L.P. (“LLCP III”) and its parallel
investment vehicle2 (collectively, “LLCP III Funds”)
Levine Leichtman Capital Partners IV, L.P. (“LLCP IV”) and its parallel
investment vehicle3 (collectively, “LLCP IV Funds”)
Levine Leichtman Capital Partners V, L.P. (“LLCP V”) and its parallel and
alternative investment vehicles4 (collectively, “LLCP V Funds”)
Levine Leichtman Capital Partners VI, L.P. (“LLCP VI”) and its parallel and
alternative investment vehicles and feeder vehicle5 (collectively, “LLCP VI
Funds”, and together with the LLCP II Fund, the LLCP III Funds, the LLCP IV
Funds and the LLCP V Funds, the “Structured Private Equity Series Funds”)
Levine Leichtman Small Business Fund, L.P. (“Small Business Fund”)
Levine Leichtman Capital Partners California Growth Fund, L.P. (“CA Growth
Fund”)
Levine Leichtman Capital Partners Europe, L.P. (“Europe Fund”)
1 Solely for purposes of this Brochure, references to a “Fund” or “Funds” shall include any client of LLCP or
its affiliated investment advisers, (including, where context requires, a managed account), but shall not
include, unless context requires, a sub-managed account.
2 LLCP III’s parallel investment vehicle is Levine Leichtman Capital Partners III-Amicus Fund, L.P.
3 LLCP IV’s parallel investment vehicle is Levine Leichtman Capital Partners IV-Amicus Fund, L.P.
4 LLCP V’s parallel and alternative investment vehicles are Levine Leichtman Capital Partners V Amicus
Fund, L.P., Levine Leichtman Capital Partners V International Fund, L.P., Levine Leichtman Capital
Partners V AIV, L.P. and Levine Leichtman Capital Partners V Amicus Fund AIV, L.P.
5 LLCP VI’s parallel and alternative investment vehicles are Levine Leichtman Capital Partners VI Amicus
Fund, L.P., Levine Leichtman Capital Partners VI-A, L.P., Levine Leichtman Capital Partners VI AIV,
L.P., Levine Leichtman Capital Partners VI Amicus Fund AIV, L.P. and Levine Leichtman Capital
Partners VI-A AIV, L.P. LLCP VI’s feeder vehicle is LLCP VI-A LR Partnership, L.P., which is a feeder
fund for Levine Leichtman Capital Partners VI-A, L.P.
LLCP Lower Middle Market Fund, L.P. (“LMM II”) and its parallel investment
vehicle6 (collectively, “LMM II Funds”)
LLCP Lower Middle Market Fund III, L.P. (“LMM III”) and its parallel
investment vehicle7 (collectively, “LMM III Funds” and together with the LMM
II Funds, the “LMM Funds”)
Levine Leichtman Capital Partners Europe II SCSp (“Europe II Fund”)
Private Capital Solutions Funds:
Levine Leichtman Capital Partners Private Capital Solutions, L.P. and its parallel
investment vehicle8 (collectively, “LLCP PCS Funds”)
Co-Invest Funds:
LLCP Co-Investment Fund, L.P. (“LLCP Co-Invest”) and its parallel and
alternative investment vehicles9 (collectively, “Co-Invest Fund”)10
Other Funds:
LLCP-A Investment Partnership, L.P. and its related entities
The following general partner and/or adviser entities are affiliated with LLCP:
Structured Private Equity Fund Advisers:
LLCP California Equity Partners II, L.P.
LLCP Partners III, LLC
LLCP Partners IV GP, LLC
LLCP Partners V GP, LLC
LLCP Partners VI GP, L.P.
LLCP Small Business GP, LLC
6 LMM’s parallel investment vehicle is LMM Parallel Fund, L.P.
7 LMM III’s parallel investment vehicle is LLCP Lower Middle Market Fund III-A, L.P.
8 LLCP PCS’s parallel investment vehicle is Private Capital Solutions Parallel Fund, L.L.C.
9 LLCP Co-Invest’s parallel and alternative investment vehicles are LLCP Co-Investment Parallel Fund, L.P.,
LLCP Co-Investment Fund AIV, L.P. and LLCP Co-Investment Parallel Fund AIV, L.P.
10 LLCP VI-A LR Partnership, L.P. also includes a co-investment component. See footnote 5.
LLCP California Growth
GP, LLC
LLCP Europe GP, L.P.
LLCP LMM GP, LLC
LLCP LMM III GP, L.P.
LLCP Partners Europe II GP, S.à r.l.
LLCP Partners Europe II GP, L.P.
Private Capital Solutions Fund Advisers
LLCP PCS GP, LLC
Co-Invest Fund Adviser
LLCP Co-Investment GP, L.P.
Other Fund Adviser
LLCP-A GP, LLC
Except where specified, references to an “Adviser” in this Brochure refer to any of the
general partner and/or adviser entities described above, along with any future affiliated general
partners and/or adviser entities, and references to the “Firm” collectively refer to all Advisers,
together with LLCP, and their affiliated entities.
Each Adviser is subject to the Advisers Act pursuant to LLCP’s registration in accordance
with SEC guidance.11 This Brochure also describes the business practices of each of the Advisers,
which operate as a single advisory business together with LLCP.
The Funds are private equity and/or debt funds and principally invest through negotiated
transactions in operating entities, generally referred to herein as “portfolio companies.” The
Firm’s investment advisory services to the Funds consist of identifying and evaluating investment
opportunities, negotiating the terms of investments, managing and monitoring investments and
achieving dispositions for such investments. Investments are made predominantly in non-public
companies, although investments in public companies are permitted. From time to time, where
such investments consist of portfolio companies, the senior principals or other personnel of LLCP
or its affiliates generally serve on such portfolio companies’ respective boards of directors or
11 The Advisers are also affiliated with Levine Leichtman Strategic Capital, LLC (“LLSC”), which is
separately registered with the SEC under the Advisers Act, and more information regarding LLSC can be
found on its Form ADV Part 2A.
otherwise act to influence control over management of portfolio companies in which the Funds
have invested.
The Firm’s advisory services to the Funds are detailed in the relevant private placement
memoranda or other offering documents (each, a “Memorandum”), investment management
agreements, limited partnership or other operating agreements or governing documents of the
Funds (each a “partnership agreement” and, together with any relevant Memorandum, the
“Governing Documents”) and are further described below under “Methods of Analysis,
Investment Strategies and Risk of Loss.” Investors in Funds (generally referred to herein as
“investors,” “partners” or “limited partners”) participate in the overall investment program for the
applicable Fund, but in certain circumstances are excused from a particular investment due to legal,
regulatory or other agreed-upon circumstances pursuant to the relevant partnership agreement; for
the avoidance of doubt, such arrangements generally do not and will not create an adviser-client
relationship between LLCP and any investor. The Funds or their respective general partners have
entered into side letters or other similar agreements (“Side Letters”) with certain investors that
have the effect of establishing rights (including economic or other terms) under, or altering or
supplementing the terms of, the relevant partnership agreement with respect to such investors.
Certain Funds, such as the Co-Invest Fund, are structured to facilitate investments by co-investors
alongside certain other Funds.
From time to time and as permitted by the Governing Documents, the Firm further has the
authority to allocate some or all of an investment opportunity to committed or agreed co-invest
funds, or vehicles or other accounts managed or sub-managed by the Firm, including accounts
sub-managed by LLSC, to existing or prospective limited partners of its clients, and to other co-
investors selected by the Firm, including lenders and other strategic or other parties selected on
a case-by-case basis. The Firm expects that it will, from time to time, charge a management fee
to, or receive carried interest from, such co-investment vehicles and accounts.
As of December 31, 2022, the Firm (excluding amounts managed by LLSC) managed
$9,313,183,381 in client assets on a discretionary basis. LLCP is controlled by Arthur E. Levine
and Lauren B. Leichtman.