Goldman Sachs Group Inc.’s Petershill unit has acquired a minority stake in Philadelphia-based private equity firm LLR Partners, people familiar with the matter said.
(Bloomberg) — Goldman Sachs Group Inc.’s Petershill unit has acquired a minority stake in Philadelphia-based private equity firm LLR Partners, people familiar with the matter said.
Petershill and LLR, which oversees about $3 billion, have notified their investors about the deal, one of the people said, asking not to be identified discussing confidential information. Spokespeople for Goldman Sachs and LLR declined to comment.
Founded in 1999, LLR focuses on investing in technology and health-care companies and aims to write equity checks of between $25 million and $200 million, according to its website. It’s backed businesses including parking software and payments provider ParkHub and medical platform Eye Health America.
LLR, led by partners including Mitchell Hollin, Seth Lehr and Scott Perricelli, raised $1.8 billion for its most recent fund, LLR Equity Partners VI LP, in 2020. The firm’s investors include large state pension schemes from Ohio, Pennsylvania and Maryland, data compiled by Bloomberg show.
Founders of alternative asset management firm have increasingly been turning to minority-stake sales as a way to obtain liquidity, which can be used to reinvest in new funds or fuel growth through the launch of additional strategies.
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