Proper operation of a multilevel flying capacitor converter (FCC) necessitates a closed-loop voltage balancing strategy. This paper proposes a space vector modulation (SVM)-based approach that benefits from the switching state redundancy of an n-level FCC to implicitly carry out the voltage balancing task within the switching strategy. Based on the voltage deviations of the capacitor voltages, a cost function is defined and minimized to choose the proper redundant switching states among the available switching states. The performance of a grid-connected four-level FCC under the proposed SVM strategy for various operating conditions is studied and evaluated based on time-domain simulations in the PSCAD/EMTDC environment, and experimentally verified. The studies demonstrate the capability of the proposed SVM strategy to regulate the capacitor voltages at their nominal reference values.