2024

A Look Back

2024 was an exceptional year for Level Equity with a return to pace on investment activity as markets continue to normalize. The firm completed 44 total transactions, making 8 new investments and achieving 5 exit events across our equity and structured capital businesses. We were also a very active follow-on investor into our growing portfolio, deploying the most capital since inception to fund attractive acquisitions.

We had an exciting year for the growth and maturity of Level’s team. We added 12 talented individuals to our team and 8 existing team members were promoted this year, including Nick Berardo and Chris Isaac to Partner. We expanded our NextLevel Operations team significantly and made our first key hires in Investor Relations and Human Resources.

44 Total Transactions
27 Equity Transactions
3
CORE GROWTH INVESTMENTS
23
FOLLOW-ON INVESTMENTS
1
EXIT EVENT
17 Structured Capital Transactions
5
NEW INVESTMENTS
8
FOLLOW-ON INVESTMENTS
4
EXIT EVENTS
8 Additions to The Level Portfolio
26 Follow-on Investments

Follow-on investments were made through Lock 8 Partners II in Corporate Governance Risk and EnergySys

5 Exit Events

Acquired by Resurgens Technology Partners

Refinanced

Refinanced

Refinanced

Refinanced

Value Creation

Level’s value creation efforts were enhanced in 2024 with significant expansion of the NextLevel Operations team, impactful executive hires, and strategic projects aimed at driving portfolio growth. This year, we welcomed three new experts to the team: Amanda Mertes – Change Management, Hilary Kay – Marketing, and Katie Christian – Retention, each bringing deep operational experience in B2B SaaS to support our portfolio companies. Additionally, we brought on Clark Dudek as an AI Operating Consultant, helping companies navigate the opportunities and challenges of generative AI technologies.

We assisted in hiring 33 key executives throughout the year, one of the most impactful ways we support our portfolio companies. We partnered with companies on 68 projects and launched the LevelUp Library, a curated set of resources designed to drive growth and improve operational efficiency.

NLO hosted three successful annual events: the Go-to-Market Summit, CFO Conference, and the Product & Tech Summit. These gatherings provide leaders across our portfolio with actionable insights and opportunities to collaborate, reinforcing our commitment to growth acceleration through community and continued learning.

9
NextLevel Operations Team Members


Ray Carey
Head of NextLEVEL Operations

Katie Christian
Operating Expert, Retention

Clark Dudek
Operating Consultant, AI


Jen Flanagan
Operating Expert, Revenue Operations

Jake Foster
Operating Partner, Technology

Hillary Kay
Operating Expert, Marketing


Amy Kramer
Head of NLO Go To Market

Amanda Mertes
Operating Expert, Change Management

Arin Wolfson
Operating Partner, Finance & Operations

33
Executive Hires Supported
68
Strategic Portfolio Projects Supported
  • Customer Health Scores: Implemented customer health scores to identify and prioritize accounts that are at-risk or with expansion opportunities.
  • Go-to-Market Planning Prism: Supported our unique approach to detailed revenue planning and forecasting.
  • 5-Year Plans: Collaborated on long-term financial modeling and strategic planning process.
  • Tech Budgeting: Implemented tech budgeting methodology to enable both short and long-term planning.
3
In-person Executive Summits
  • Go-to-Market Summit in Nashville in February
  • Finance Summit in NYC in May
  • Product & Technology Summit in NYC in November
The Level Team - 8 Promotions
Nick Berardo promoted to Partner
Chris Isaac promoted to Partner
Luis Spradley promoted to Principal
Nihar Patel promoted to Vice President
Michael Barrett promoted to Senior Associate
Rohit Iyer promoted to Senior Associate
Michael Kraus promoted to Senior Associate
Max Gotlieb promoted to Associate
Industry Recognitions

Level Equity was selected for the Inc. 2024 Founder-Friendly Investors. This recognition reflects the opinion of Inc. not that of Level Equity. The award was issued by Inc. on October 29, 2024, and is based on the period covering 2023 and 2024. Level Equity submitted a nomination and paid an application fee for consideration. Following its selection, Level Equity paid a fee to promote the award. Other providers or surveys may not share the same opinion as the conferring party, and there can be no assurance that they would reach similar conclusions.

Level Equity was recognized as one of the Top 25 Growth Equity Firms for 2023 by GrowthCap, a leading growth capital research and advisory firm. This recognition reflects the opinion of GrowthCap, not that of Level Equity. The award was issued by GrowthCap, LLC on February 28, 2024, and is based on performance during 2023. Level Equity submitted a nomination and paid an application fee for consideration. Following its selection, Level Equity paid a fee to promote the award. Other providers or surveys may not share the same opinion as the conferring party, and there can be no assurance that they would reach similar conclusions.

Level Equity was awarded Performance of the Year – Over $500 Million: Growth in the Private Equity Wire US Awards 2024. This award reflects the opinion of Private Equity Wire, not that of Level Equity. The award was issued by Private Equity Wire on October 10, 2024, and is based on performance on from the 12 months proceeding March 31, 2024. Level Equity did not seek or submit a nomination for the award or provide any compensation to Private Equity Wire in connection with this award. Voting for the awards was conducted via an online poll of the entire Private Equity Wire userbase, with participants asked to make their choice from a short-list of firms in each category. Level Equity did not participate in the poll. The award does not indicate or guarantee future results of any of the Level Equity funds. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

Closing Remarks

Level’s progress in 2024 enhanced our mission of investing in the best capital efficient, rapid growth software businesses that seek to lead the markets they operate in. We continue to strive to be the partner of choice for those businesses, founders and managers who have earned the ability to make that choice through exceptional performance. As owners of these great businesses, we aim to provide world class operational support and advice as we collectively chase amazing and profitable outcomes.

This update (the “Update”) does not constitute an offer to sell or the solicitation of an offer to purchase any security, and is not presented with a view to providing investment advice with respect to any security or making any claim as to the past, current or future performance thereof. Level Equity Management, LLC (together with its affiliates, “Level Equity”) expressly disclaims the use of this Update for such purposes. This Update is solely intended to provide general information regarding Level Equity’s operational activities, financing capabilities and general business experience.

Portfolio companies presented herein are for informational purposes only and are intended to illustrate such historical activities. The portfolio companies included herein should not be assumed to have been profitable. Past performance is not necessarily indicative of future results. There can be no assurance historical trends will continue. Level Equity does not warrant the accuracy, completeness or usefulness of any information herein. Any reliance you place on such information is strictly at your own risk. Level Equity disclaims all liability and responsibility arising from any reliance placed on this Update or anyone who may be informed of its contents.

The Update has not been reviewed by, or received regulatory consent, approval or disapproval from, the U.S. Securities and Exchange Commission or any other U.S. or non-U.S. regulatory body. No representation, warranty or undertaking, express or implied, contractual or legal is given as to the accuracy or completeness of the information or opinions contained in this Update, and no liability is accepted by any directors, officers or employees of Level Equity or its affiliates for the accuracy or completeness of any such information or opinions.

This Update does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any securities, which may only be made pursuant to definitive subscription and/or limited partnership agreements.