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Newport Beach-based private equity firm L Squared Capital Partners said its assets under management now top $1 billion six years after its founding, with the closing of Fund III at just over $500 million.

The firm makes long-term investments in leading growth companies in the areas of education technology, tech-enabled services and software, and industrial technology and services.

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The Fund III effort, completed in the middle of the Covid-19 pandemic, was largely driven by the firm’s existing investors, L Squared said in a statement today. However, L Squared also added several new high-quality limited partners to its investor base

“We are incredibly appreciative of the tremendous support provided to us by our existing investors during this time of uncertainty. This allowed us to complete the fundraising quickly so that we can keep our focus on quality investing,” said Managing Partner Jeff Farrero.