Sunday, January 25, 2015

Lubert's LLR boosts military focus

Pa. a major backer

Lubert's LLR boosts military focus

(Updated with new data here) $2 billion-asset LLR Partners of Philadelphia, founded as a buyout firm by investor Ira Lubert and three veteran Philadelphia-area mid-market investment pros in the late 1990s, has hired military-investment partners Jason Rigoli, once of FBR Capital Markets, and Michael Levenberg, ex of PricewaterhouseCoopers and IQPC Worldwide, to expand LLR's Security, Defense and Government Services unit, one of six specialty areas LLR invests in, from a new office in Arlington, Va. They'll target "growth companies between $25 and $250 million in annual revenue" serving "the physical and cyber security markets, as well as government contractors" in military, intelligence, Homeland Security and military-related healthcare.

LLR's investors include the Pennsylania state employees' (SERS) and public school employees' (PSERS) retirement systems. Here's how money invested with LLR has returned, so far, according to the systems' reports to the General Assembly earlier this year.

Fund, Year, $ promised, $ actually invested, $ returned to PSERS so far (return to date):
LLR Equity Partners LP, 1999, 62,500,000, 61,278,857, 130,766,555 (more than doubled, in 12 years)
LLR Equity Partners II , 2004, 75,000,000, 74,986,212, 65,227,344 (principal not yet returned)
LLR Equity Partners III , 2008, 187,500,000, 151,445,481, 77,892,552 (principal not yet returned)
LLR Equity Partners IV, 2012, 200,000,000, 0, 0 (no returns yet)

LLR Equity Partners LP, 02/04/2000, 25,000,000, 24,357,320, 51,608,574 (>100%, in 12 years)
LLR Equity Partners II, 01/29/2004, 25,000,000, 25,000,000, 21,540,400 (principal not yet returned)
LLR Equity Partners III, 07/24/2008, 30,000,000, 25,208,721, 6,164,384 (principal not yet returned)
LLR Equity Partners IV, 2012 (corrected), 50,000,000, 0, 0 (no returns yet)



Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

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