Meet the World’s First Woman Private-Equity Billionaire

Lauren Leichtman’s journey from a soccer fan to a financial powerhouse defies expectations—and makes for one of the most compelling success stories in modern business.

Long before private equity calls, Lauren’s turning point was in 1999—when Brandi Chastain scored that iconic penalty kick for the U.S. Women’s National Team at the Rose Bowl. What really struck her was Chastain ripping off her jersey in celebration. “That moment was electric,” Lauren recalls. “It was raw emotion and pride in one breath.”

That spark ignited her lifelong passion for soccer. She and her husband, Arthur Levine, found themselves driving past UCLA’s soccer pitch while picking up their daughter from school. Their growing enthusiasm led them to donate to the team—ultimately funding a brand-new locker room—and even to befriend coach Jill Ellis. Ellis would later guide the U.S. women’s team to two World Cup victories and serve as president of the NWSL’s San Diego Wave until December 2024.

From Donor to Owner: A $113 Million Leap

The Leichtman-Levine family’s relationship with women’s soccer entered a new era last October when they purchased the San Diego Wave for a reported $113 million. “We started examining women’s sports ownership about three years ago,” Lauren said recently from her Miami home—surrounded by family photos and memorabilia. “For us, it’s personal, financial, and familial.”

By now, supporting the Wave has become a family affair: two of their three children are helping manage the team, and the family attends as many games as possible. Adding to the excitement, Alex Morgan—a two-time U.S. Women’s World Cup champion and the Wave’s former captain—joined the ownership group in May 2025 as a minority investor, furthering the team’s vision and global profile.

An $11 Billion Private Equity Powerhouse

If you had asked Lauren in 1984 whether she’d wield influence in private equity, she would have laughed. That year, she and Arthur co-founded Levine Leichtman Capital Partners (LLCP) in Beverly Hills. Their mission: invest in mid-market businesses—companies that were healthy, but not yet household names. They focused on businesses with $30–$40 million in revenue, blending debt and equity to ensure steady returns and ongoing involvement from founders.

Today, LLCP manages approximately $11 billion in assets, with limited partners including CalPERS and Hamilton Lane. Their portfolio spans more than 100 companies—80 of which they’ve sold—achieving a 2.4x total return. That places LLCP on par with large firms such as Blackstone and KKR. With offices in four U.S. cities and four international hubs, the firm spans the globe and touches various industries, from fast-casual chains to food safety and industrial parts.

How Lauren Became a Billionaire in Private Equity

Although the couple stepped away from daily operations in 2020, they still retain ownership, and their wealth is deeply rooted in LLCP. Combine that with sizeable private equity positions, a real estate portfolio, and the Wave’s current estimated value of $165 million, and Forbes reports that Lauren and Arthur each hold $1.3 billion in personal net worth. Her achievement places her at No. 26 on Forbes’ 2025 list of America’s Richest Self-Made Women—and makes her the first woman globally to reach billionaire status through private equity.

Smart Strategies: Precision in Investment

LLCP has succeeded by focusing on revenue-generating businesses led by founders poised to stay in the driver’s seat post-acquisition. Their approach uses a calculated mix of debt and equity; originally, they funded two-thirds via debt—earning a comfortable 13% cash coupon—and the remaining third in equity. This model allowed them to maintain liquidity while offering companies the capital to grow.

Since opening to outside capital in 1994, LLCP has deployed money into over 100 companies, earning $11.5 billion in exits on just $4.8 billion spent—an outstanding return by any measure.

The Luis-Arthur Dynamic: Complementary Strengths

One overlooked reason for LLCP’s success is the dynamic partnership between Lauren and Arthur. He serves as deal-maker and lifetime accountant; she hones in on legal compliance and operational excellence. Harley Kaplan, CEO of Thermal Group, once said: “They have an uncanny ability to find niche opportunities and staff them with effective leaders.” Meanwhile, Kevin Fritzmeyer, who sold his food safety inspection firm FlexXray, praises their synergy: “Arthur is out front, making the deal; Lauren keeps the company honest.”

Their complementary strengths—her rationality and detailed legal insight, his energetic deal vision—made LLCP more than a sum of parts. “He sees numbers, I see compliance,” Lauren joked. “Together, we’re a good match.”

Foundations of a Self-Made Woman

Lauren’s story is grounded in her childhood in Los Angeles. Born in 1949, she endured her parents’ divorce at age three and recalled her mother telling her years later, “I regret never having a career of my own.” That planted seeds. Lauren took odd jobs from the age of 14—file clerk, bank teller, waitress—while attending the University of Colorado and Cal State Northridge. Initially aiming to become a psychologist, she even worked in mental-health counseling before switching to law and architecture, finally choosing law at Southwestern Law School. She later pursued an LL.M. in securities law from Columbia, where she met Arthur in a UCLA-area law library. They married in 1979, only after Lauren insisted she’d be financially independent first.

Seizing Opportunity: From Satellite Firm to Private Equity

In the early 1980s, Arthur helped take Westwood One public amid deregulation in the radio industry. Lauren joined a law firm briefly but left when demands melted her work/life balance. Later, she helped take Westwood One public and eventually, the couple sold their stock in the firm. Their next move? Private investment.

Their first success came with IDB Communications, a satellite broadcast company. Their 1987 sale turned a modest outlay into 150x gains. This success reaffirmed their strategy—providing debt and small equity stakes to founders, using structured capital that minimized dilution for owners but provided liquidity and professional oversight. One early signature deal was with The Software Tool works, creators of Chess master 2000. Their innovative deal structure—often capping their investment at 25% equity—stood out in contrast to industry norms demanding 90%.

Lauren faced skepticism early on. Some meeting attendees would wait for Arthur to enter before talking business. Ultimately, she drew the line, saying: “Arthur’s not coming—if you want to work with us, you should focus on me.” After that, she earned lasting respect—and results followed.

Scaling Up: Institutional Backing & Recession-Resilience

By the early 1990s, LLCP had returned 15–16x on their first seven deals. The catch? They needed bigger capital bases. Their breakthrough came in 1993 when they approached CalPERS for funding: they asked for $10–25 million, and received a $100 million allocation. That credibility unlocked further partnerships—Arizona and New York pension funds soon joined.

Through the dot-com crash and the 2008 financial meltdown, LLCP held steadfast to one simple rule: invest in firms that generate consistent revenue streams. Early exits like Quiznos and Hackney Ladish—along with a $1 billion fund raised during the crisis—proved their strategy was resilient.

Transitioning to Legacy & Impact

By 2020, the couple entrusted LLCP to co-leaders Michael Weinberg and Matthew Frankel. Lauren shifted focus to legacy and philanthropy. She chairs the San Diego Wave and has become a key donor to causes including:

Southwestern Law School – $1 million pledge to support students pursuing business law

UCLA soccer – funding field upgrades and endowed chairs

Women’s health research

Astrophysics – including a chair held by Nobel Laureate Andrea Ghez

They’ve also invested in cutting-edge AI and robotics, while preparing their children to take on family and philanthropic responsibilities.

A Legacy of Success

Reflecting on their journey, Lauren said: “We’ve been blessed. We don’t need more cars—it’s about fuelling long-term change.” She and Arthur continue to explore high-growth investments through their family office while mentoring the next generation through their charitable foundation.

At 75, Lauren isn’t slowing down. She’s dynamically reframing what success—and billionaire status—means: partnership, last-mile impact, and investing not just capital, but heart. That’s a victory even more triumphant than any penalty kick.