LLR Management Holdco, L.P.
Looking for a private equity firm to help grow your technology or healthcare business? LLR is a flexible provider of capital for growth, recaps and buyouts.
- Regulatory AUM
- $7.6B
- PE fund assets
- $7.6B
- PE funds
- 19
- Investments held
- 54 of 135
- Deals, last 12 months
- 4
121 additional team members, 4 additional counterparties and placement agents, 158 additional funds, deals and LP commitments, 10 events
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 6 deals1 exit, 180 days
6 deals since 5 May 2026: bought EnergyCAP (23 Sep), T5 Operations (add-on, 1 Sep) and TenantCloud (add-on, 18 Aug);
Buying and selling in the same season: capital is being put to work and returned, which is when bankers and co-investors get calls.
People to know
View all people- PartnerWhy: Partner: part of the investment decisionProfile
- PartnerWhy: Partner: part of the investment decisionProfile
- PartnerWhy: Partner: part of the investment decisionProfile
Capital path
who backs this record, through what, into what; each name opens its own path- Pennsylvania Public School Employees' Retirement System$713M disclosed
- Colorado Public Employees' Retirement Association$200M disclosed
- Asante Capital Group Advisors LLCplacement agent, 12 shared
- Lazardfinancial adviser, 1 shared
- Houlihan Lokeyfinancial adviser, 1 shared
Relationship network
299 connected entities8 observed deals1 repeat counterparty5 dated deals shown here, 2026
From announced deals and their parties, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the private equity graph. Dollar figures appear only where a source disclosed one.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the deals and sources behind it. Line weight is deals together; dashed lines are inferred.
- Company
- Service provider
- Capital provider
- Fund or vehicle
- Person
›How strength and recency are read
Strength is read from the deals: three or more is a strong observed relationship, two a repeat counterparty, one a single interaction. People and vehicles are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Classification, Form ADV and stated criteria
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 2 in historyShowHide
- Class
- Buyout firmprobable, confidence 80%
- Basis
- Own website statement
- Size band
- Upper middle marketdefined by: proxy: $5.88bn Private Equity Fund GAV on the Form ADV filed 2024-03-29
Classification history (2)
- Sep 13, 2026Buyout firm (probable, 80%)Own website statement“LLR Partners is a lower middle market private equity firm focused on investing in software and tech-enabled companies within the knowledge economy.”llrpartners.com
- Sep 13, 2026Buyout firm (confirmed, 85%)17 of 17 distinct vehicles are sworn Private Equity Funds; 17 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $7.6B · 19 PE funds · filed Mar 31, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Oct 3, 2022 to Mar 31, 2026
- RAUM
- $7.6Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 19
- PE fund GAV, latest filing
- $7.6Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $7.6Bevery private fund type, latest filing
- 2024 PE fund GAV
- $7.6Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- Private equity fund: 19 funds, $7.6B reported gross assets
- Employees
- 122
- Headquarters
- Philadelphia, PA
Stated criteria beside observed behaviour3 of 8 criteria stated · 134 observed dealsShowHide
- Sectors
- Technology, software
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- $10.0M to $200M
- Control
- Minority
- Thesis
- not stated or not yet read
- On record
- 134 companies, 135 holdings, 6 transactions
- Period
- 2010 to 2026 (18 dated observations, 123 holdings undated)
- Most deals
- Software (7 of 134, e.g. AxisCare and TenantCloud), education (5 of 134), tech enabled services (3 of 134) and 5 more
- Subsectors
- Education (5 of 134), software (3 of 134), vertical software (2 of 134), financial services (2 of 134) and 4 more
- Deal roles
- 3 platforms, 2 add-ons, 130 with role not stated
- Add-ons per platform
- 0.67 add-ons per platform
- Control
- 3 control, 132 not stated
- Where
- Pa (1 of 134), ca (1 of 134), ga (1 of 134)
- By year
- 2021: 1 platform; 2023: 1 other deal; 2026: 2 add-ons, 2 other deals
134 companies on the graph (6 transactions); most in software (7); 3 platforms and 2 add-ons; observed 2010 to 2026
Funds
How vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.LLR Equity Partners VII · 3 vehicles · vintage 2023$2.8B
- LLR Equity Partners VII Buyout fund · 2023$1.5B
- LLR Equity Partners International VII Buyout fund · 2024$1.3B
- LLR Equity Partners Parallel VII Buyout fund · 2024$9.3M
Decision makers
- David Jason Reuter · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link on file (firm website, their bio on the firm's website), confirmed 2026-09-30, confidence 90%
- Howard David Ross · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link on file (firm website), confirmed 2026-09-21, confidence 90%
- Jack Slye · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link on file (their bio on the firm's website, firm website), confirmed 2026-09-30, confidence 90%
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 3 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Team
Where the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: Investment organization websites (team, portfolio, strategy, criteria, news). A person named by two sources under two spellings is shown once, with both sources.- Partner
- Partner
- Partner
Deals
How deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 135 portfolio relationships and 8 transactions are on this record.| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Sep 23, 2026 | EnergyCAP | Exit to a strategic buyer | Strategic acquirer (confirmed) | active | unknown | resurgenstech.com |
| Sep 1, 2026 | T5 Operations add-on to Salute | Add-on acquisition | Sponsor (derived) | active held 1 month | unknown | llrpartners.com |
| Aug 18, 2026 | TenantCloud add-on to TurboTenant | Add-on acquisition | Sponsor (derived) | active held 1 month | unknown | llrpartners.com |
Portfolio credit
Where these figures come fromPortfolio companies matched to a BDC borrower by an identity-graded bridge, read from each BDC’s own schedule of investments: the lenders’ marks, their accrual footnotes, PIK and maturities. Observed, never forecast. Firms whose own BDC lends to the company are left out.- Principal held
- $92.1M
- 11 lenders
- Weighted mark
- 89.8
- unchanged on the quarter, same 7
- 9 portfolio companies on a BDC schedule at Jun 30, 2026: 1 with ownership stated current, 8 listed on a portfolio page with no date or status.
- Lenders mark them at 89.8 on cost, weighted by principal (8 borrowers with a mark inside the plausible band).
- On the 7 borrowers marked at both Mar 31, 2026 and Jun 30, 2026, the weighted mark moved 0 points; 2 fell 2 points or more and 1 rose 2 points or more.
- 1 borrower is on non-accrual by the BDCs' own footnotes; 0 were placed there at Jun 30, 2026.
- Lenders holding the same facility mark 1 borrower 10 points or more apart (the widest by 13 points).
- 2 borrowers have debt maturing within 12 months as the BDC schedules state it.
- Not counted above: 4 borrowers still on a BDC schedule whose ownership by this sponsor is recorded as exited.
Show the credit outlook: 9 borrowers, 11 lenders, 8 quartersas of Jun 30, 2026
9 borrowers are in every figure above and named with Private Credit Intelligence.
11 lenders are counted here and named with Private Credit Intelligence.
| Quarter end | Held | Principal | Mark | Non-accrual placed | PIK added or up |
|---|---|---|---|---|---|
| Sep 30, 2024 | 6 | $97.7M | 98.0 | 0 | 0 |
| Dec 31, 2024 | 7 | $127M | 96.4 | 0 | 0 |
| Mar 31, 2025 | 7 | $92.1M | 97.5 | 0 | 0 |
| Jun 30, 2025 | 7 | $91.7M | 97.1 | 0 | 1 |
| Sep 30, 2025 | 7 | $87.8M | 97.1 | 0 | 0 |
| Dec 31, 2025 | 8 | $96.7M | 95.2 | 0 | 0 |
| Mar 31, 2026 | 7 | $116M | 92.1 | 1 | 0 |
| Jun 30, 2026 | 8 | $92.1M | 89.8 | 0 | 0 |
A look back at today’s portfolio companies, not a record of what the sponsor owned then. Mark is fair value over cost across every position inside the plausible band.
- A mark is the lender's own fair value over cost for the quarter. Below 90 means the lender carries the loan at a discount of 10 or more on the dollar; it is that lender's valuation, not DFX's.
- Two lenders on the same facility 10 points apart are valuing the same loan differently; which one is right is not something a schedule of investments says.
- Non-accrual is read from the BDC's own footnote, never inferred from a mark. PIK is interest the borrower pays in more debt rather than cash.
- No forecast is made here. DFX does not publish a default or distress prediction for a sponsor.
Population: portfolio companies matched to a BDC borrower by an identity-graded bridge, on a BDC schedule of investments at Jun 30, 2026, ownership not recorded as exited. Firms whose own BDC lends to the company, and private credit managers, are left out: that is lending, not ownership. Marks, principal and accrual status are the BDCs' own filed figures; the quarter before is Mar 31, 2026.
Placement agents, lenders, advisers and co-investors
- Asante Capital Group Advisors LLC 12 shared · very strong · last Aug 5, 2026
- Lazard 1 shared · one time · last Sep 1, 2026
- Houlihan Lokey 1 shared · one time · last Jun 2, 2026
LP commitments
How LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.- 4 commitments to 4 funds · $713M disclosed
- 4 commitments to 4 funds · $200M disclosed
Events
- Sep 1, 2026News September 1, 2026 Salute Announces Agreement to Acquire T5 Operations Strategic acquisition further expands Salute’s world-class FM&O leadership for AI/HPC and cloud data centers Salute,...
- Aug 18, 2026News August 18, 2026 TurboTenant Acquires TenantCloud, Expanding Its Property Management Solution The acquisition brings together two established platforms to better serve independent landlords nationwide TurboTenant, a...
- Aug 12, 2026News August 12, 2026 Inc. Names LLR Portfolio Companies to 2026 List of Fastest-Growing Private Companies in America LLR is thrilled to congratulate the seven portfolio companies recognized on Inc. Magazine’s 2026 List of...
- Jul 7, 2026News July 7, 2026 Lightyear Capital Announces a Strategic Investment in Corestream to Accelerate the Future of Voluntary Benefits Investment to support Corestream’s next phase of product innovation, platform expansion, and ecosystem growth Lightyear...
- Jun 18, 2026Deluxe to Acquire Celero Commerce, Accelerating Transformation Toward Payments and Data Solutions Scale Deluxe (NYSE: DLX), a trusted payments and data company, today announced that it has entered...
LLR Management Holdco, L.P. is the same institution as 4 records in Allocators, Independent Sponsors, RIA and Wealth and Private Credit.
DFX found 4 relationships across 4 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
LLR Management Holdco, L.P. sits on 68 traced paths of capital across the graphs.
DFX traced 68 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Fits
- Buyer for a companyscore 23.8confidence 35%Why: observed subsector dealsWhy now: sponsor fund early deployment
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Firm news2026-09-01source on record
- Firm news2026-08-18source on record
- Firm news2026-08-12source on record
+22 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.