Leonid Capital Partners has raised more than $265 million for its evergreen fund, exceeding its fundraising goals for 2024.
“This milestone marks a belief in our work and the continued demand for credit investment among companies that do mission critical and groundbreaking work across the government ecosystem,” LCP Co-Founder Chris Lay said in a statement published Thursday.
“We are deeply passionate about our country’s security and believe in fueling a resurgence of government innovation by fusing connections between the private and public sectors,” Lay added.
LCP noted that the size of its average investment has increased from $2.1 million to $8.3 million in the past two quarters and that it has advanced over $125 million to borrowers.
“Our increasing deal size and an expanding list of borrowers are excellent metrics for a private credit investment manager,” said James Parker, co-founder of LCP.
Investing in Critical National Security Initiatives
Founded in 2019, LCP is focused on providing credit for early-to-mid-stage companies working on defense and government contracts in the areas of software, engineering and biotechnology. The investment firm accepts such contracts as lendable assets and offers flexible financing resources to support engineers, scientists and innovators who are building national security technologies.
About 75 percent of the companies that have used the firm’s capital to secure more contracts have nearly doubled their topline revenue during the transaction period.
In October 2023, the Huntington Beach, California-based firm closed its inaugural private credit fund with approximately $240 million in capital.
In September last year, LCP also received a $200 million credit facility from Chicago-based global alternative investment firm Victory Park Capital, enabling it to support its inaugural fund and a portfolio of loans to defense contractors.
