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In flying capacitor (FC) converters, phase-shifted pulse-width modulation (PS-PWM) provides natural voltage balancing. However, for a practical application, a more robust balancing mechanism of maintaining the FC voltages at the desired values is required. This paper proposes a new closed-loop voltage balancing method for multilevel FC converters using PS-PWM. The proposed method balances the voltages of the FCs by modifying the duty cycle of each switch of the FC converter using a proportional (P) controller. The crossed effect between FC currents and duty cycles is considered and is used for FC voltage balancing. The Simulation results verify that the proposed voltage balancing method is very robust to different operating conditions, such as load transients and non-linear loads.