L Capital* is a specialty private equity firm focused on the technology, media and telecommunications (TMT) sectors.


L Capital makes equity co-investments alongside leading buyout and growth equity funds and provides value-added advisory services to these private equity partners including diligence support, deal origination and executive search.


L Capital is the equity investment affiliate of The Lancer Group, a leading retained executive search firm serving over 50 of the top 100 private equity firms. The affiliation with The Lancer Group provides access to a global talent network and proprietary deal flow.


Access to Private Equity Co-Investment Rights

L Capital has access to valuable co-investment rights alongside leading technology private equity funds. These co-investment rights are the result of long-term relationships with leading funds based on the value-added advisory work performed by The Lancer Group and L Capital.

Unique Investment Perspective

L Capital has access to the financial diligence and investment models developed by our co-investment partners. In addition, L Capital brings a unique perspective to these investment opportunities given our involvement in these deals via our executive search and advisory services. These insights allow us to focus our investments on the very best co-investment opportunities.

Dedicated Capital

L Capital invests from a dedicated private equity fund: L Capital I LP. This fund includes capital from the partners of L Capital and The Lancer Group as well as capital commitments from over two dozen high net-worth individuals and family offices.

Differentiated Returns Profile

L Capital’s strategy is designed to generate superior risk adjusted returns. Our target portfolio will be diversified across multiple co-investment partners as well as multiple technology investment strategies including buyout, growth buyout and growth equity. L Capital does not make venture capital investments nor invest in unprofitable companies.



Our active and realized investments/equity positions include:




Managing Partner
L Capital
San Francisco | +1 650-544-5662

Bart is the Co-Founder and Managing Partner of L Capital*, the private equity investment affiliate of The Lancer Group. He is an experienced private equity investor and operating partner, having led or co-led more than 25 private equity transactions and business transformations. In aggregate, he has invested more than $360 million in equity capital in the technology industry.

Prior to L Capital, Bart was the operating partner responsible for software investments at Marlin Equity Partners. Previously, he led successful investments and business transformations in partnership with leading private equity firms, including: Francisco Partners, Battery Ventures, Golden Gate Capital, Warburg Pincus, and TCV. Bart has served as chairman of five companies with annual revenue ranging from $20 million to $650 million. Bart began his career as a strategy consultant for Booz, Allen & Hamilton and worked as an executive in the technology industry for ten years including executive roles at Oracle, Informatica, and CrossWorlds Software.

Bart received a master’s degree in business administration from Harvard Business School (with distinction) and bachelor’s degrees from Stanford University in Economics and Political Science.



Managing Partner
L Capital
San Francisco | +1 650-315-7351

Simon’s practice focus is serving private equity and other illiquid investors, primarily running CEO, CFO and C-suite searches for their portfolio companies worldwide. For fund GPs, Simon also has expertise hiring managing directors and partners – both scoping and executing searches for portfolio operations and operating partners, and building out senior deal teams.

Most recently, Simon was a Co-Founder and Partner for seven years with Lancor. In 2016, Simon led the merger of Lancor’s San Francisco and Boston operations with The Lancer Group. He is also the Co-Founder and Managing Partner of L Capital*, the private equity investment affiliate of The Lancer Group. Previously, he was a Partner for nine years with CTPartners (formerly Christian & Timbers), where he was the Global Practice Leader for Private Equity, and he spent more than five years with Heidrick & Struggles in London and Menlo Park, California.

Simon has been featured and quoted on human capital issues on CNBC, The Capital Roundtable, Private Equity International, The Wall Street Journal, The New York Times, Fortune magazine, and the Financial Times. Simon sits on the Board of Point Blue Conservation Science, a non-political, scientific research organization studying climate change. A Lord Foley Scholar, Simon holds a law degree (with a social anthropology minor) from the London School of Economics and graduated from the Inns of Court School of Law (Bar Finals).


* L Capital is an independent business and is not managed nor owned by The Lancer Group. L Capital and its affiliated entities (including L Capital LLC, L Capital GP LLC and it affiliated investment partnerships) are managed and owned by Bart Foster, Simon Francis and their respective members and/or limited partners.