Former Insight GPs Raise $120M for New Firm, Level Equity

Nearly three years after splitting off from Insight Venture Partners, Benjamin Levin and George McCulloch have raised $120 million for what appears to be their first fund, according to a May 31 regulatory filing.

Levin and McCulloch, who were previously partners at Insight, are listed in the regulatory filing as co-CEOs of Level Equity Partners. The capital was raised for a fund called Level Equity Growth Partners I LP.

Levin and McCulloch left Insight in July 2009, along with senior associate Sarah Haas, to start Level Equity, as first reported by peHUB.

At the time that the trio departed, Insight co-founder Jeff Horing told peHUB that the split was amicable. “They are good, talented guys who saw an opportunity to scratch their entrepreneurial itch,” Horing said at the time. “It’s actually not a bad time to start a firm, if you’re able to raise money.”

Of course, 2010 turned out to be a brutal year for fundraising.

Level Equity’s website is a single page with little information beyond a description of the firm and short bios (without photos or titles) of the firm’s members. The website describes Level Equity as “a private investment firm” that invests in “technology, media and services companies.” The site doesn’t list the names of any portfolio companies.