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2026 – First Half Update

Deployment

Equity: 7 follow-on investments
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Structured Capital:
1 new and 3 follow-on investments

Liquidity

$65M of liquidity across Equity transactions
$16M of liquidity across Structured Capital transactions

Fundraising

$294M

LSC III Final Close

PR Newswire

Level Equity Announces Final Close of Level Structured Capital III, L.P. - Raises $2B in Fundraising Cycle
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Expanded Greenwich Office

Team

9 New Team Members

Tim Stavros

Vice President, Business Development

Michael Marcus

Senior Associate

Stanley Deng

Associate, Structured Capital

Ben Wellek

Associate

Brady Tatarsky

Analyst

Ron Yang

Operating Partner, Product Strategy & AI

Kristen Hoey

Operating Expert, Talent

Sean Soderlund

Finance Manager

Dylan Starace

Finance Analyst

5 Summer Analysts

Louis Frowein

Summer Analyst

Sresth Gupta

Summer Analyst

Zachary Lachman

Summer Analyst

Julia Paine

Summer Analyst

Ethan Rubenstein

Summer Analyst

1 Promotion

Nehal Nagalla

Promoted from Analyst to Associate

3 Special Operators

Jake Foster

Special Operator, Technology

Patrick Donnelly

Special Operator, AI

Sam Miller

Special Operator, GTM

Industry Recognition

2026 Transportation Deals of the Year: Boatsetter Merged with GetMyBoat
Top 10 Performing Private Growth and Alternative Investment Funds (FY2025)
The above awards are the opinions of the underlying institutions and not that of Level Equity. The awards were based on the time period of the prior year to the date such award was granted. GrowthCap Top Healthcare Investors of 2026 was issued on March 24, 2026. Level Equity submitted a nomination, and once selected, paid a publishing 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. GrowthCap Top Growth Equity Firms of 2025 was issued on February 10, 2026. Level Equity submitted a nomination, and once selected, paid a publishing 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. GrowthCap Top Women Leaders in Growth Investing of 2026 was issued on July 1, 2026. Level Equity submitted a nomination, and once selected, paid a publishing 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. GrowthCap Software Investor of the Year was issued on March 18, 2026. Level Equity did not seek or submit a nomination for the award or provide any compensation to GrowthCap in connection with this award. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing. BluWave Top Innovator Awards was issued on March 4, 2026. Level Equity did not seek or submit a nomination for the award or provide any compensation to BluWave in connection with this recognition. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein. Mergers & Acquisitions 2026 Deals of the Year: Boatsetter Merged with GetMyBoat was issued on May 4, 2026. Level Equity did not seek or submit a nomination for the award or provide any compensation to Mergers & Acquisitions in connection with this recognition. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein. Bloomberg Top 10 Performing Private Growth and Alternative Funds (FY 2025) was issued on February 12, 2026. Level Equity did not seek or submit a nomination for the ranking or provide any compensation to Bloomberg in connection with this ranking. Level Equity did not provide any data to Bloomberg in connection with the ranking. The ranking does not indicate or guarantee future results of any of the Level Equity funds. There can be no assurance that other rankings or surveys would reach the same conclusion as the party conferring the ranking referenced herein. To learn more about the ranking please visit Bloomberg Private Funds League Tables via the Bloomberg Terminal.

Value Creation

Special Operators and Strategic Vendor Programs Launched

Special Operators and Strategic Vendor Programs Launched
An extension of NLO's own bench: a curated network of elite outside operators who can be deployed directly into portfolio companies to dive deep into the business, solve their most complex strategic problems, and drive the kind of innovative execution that moves the needle
8

Reports, Toolkits, and Guides Published

Reports, Toolkits, and Guides Published
We also published 8 reports, toolkits, and guides to increase portfolio leverage and standardize best practices. Highlights include the annual GTM Diagnostic Report, our AI Scorecard, and SVP Planning (both self-guided and Level assisted programming). We also produced a purpose-built spin-out and separation resource for portfolio companies navigating carve-out transactions.
1

GTM Summit Hosted

GTM Summit Hosted
Hosted our annual Go-to-Market Summit in February, bringing together 61 portfolio company executives including executives from three prospective portfolio companies. This year’s summit focused on the “Future of Growth Architecture,” how companies align people, process, data, and technology to drive durable growth amid rapid AI-driven change.
2

NLO Team Members
Hired

NLO Team Members
Hired
Ron Yang joined as Operating Partner, Product & AI (June 1), working directly with CEOs and product leaders to sharpen product vision and build AI-native capabilities. Kristen Hoey was hired and will join as Talent Expert (July 7). Kristen will own talent strategy for the portfolio, including executive hiring support, CEO performance processes, and our Special Operators and Strategic Vendor programs.
3

M&A Intregrations Supported

M&A Intregrations Supported
NLO also provided hands-on M&A integration support for three transactions in H1: Boatsetter's integration with GetMyBoat in February, Healthy Roster's integration with Sway which culminated in March, and CyberFox's acquisition of Timus in June.
23

Executive Hires Supported Across The Portfolio

Executive Hires Supported Across The Portfolio
We have supported 23 executive hires across the portfolio, including CEOs, CROs, CFOs, and senior functional leaders. This includes new hires at Chronus, PSTrax, cPlace, Dash Social, Healthy Roster, and Osprey

Developed and Rolled Out AI Readiness Scorecard

Developed and Rolled Out AI Readiness Scorecard
We developed and rolled out an AI Readiness Scorecard across the portfolio companies, allowing them to assess their AI positioning, readiness, and execution at the company level.
85

Strategic Portfolio Projects Supported

Strategic Portfolio Projects Supported
We supported 85 strategic portfolio projects spanning go-to-market execution, operational efficiency, product strategy, and financial planning. These projects reflect the breadth of our work and they serve as a consistent mechanism for translating insights into real, durable outcomes.

Launched Inaugural AI
in Action Survey

Launched Inaugural AI
in Action Survey
Administered first AI in Action survey to collect cross-portfolio statistics on AI impact, share benchmark data back with portfolio companies, and track progress over time.
10

Roundtables and Peer Circles Hosted

Roundtables and Peer Circles Hosted
We hosted 10 roundtables and peer circles on topics that map directly to executive priorities, including AI in development, go-to-market incentive design, and sales coaching
Thank you to our limited partners, advisory partners, and the founders and teams across our portfolio for your continued trust and partnership through the first half of 2026. We appreciate the opportunity to keep building alongside you.

Our Team in Action

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.