JLL Fund VII hits $1bn target

The fund has so far made three investments, with two in the aerospace industry and one in a building-related company.

Private equity firm JLL Partners has hit the $1 billion target on its seventh fund vehicle, JLL Fund VII LP, Private Healthcare Investor reports.

The firm, which specialises in control stakes and turnaround investments has a $1.1 billion hard-cap. It focuses on healthcare services and medical products, as well as financial services, business services, building products and aerospace-related companies.

A source close to the firm said that just over a third of Fund VII’s LP commitments were from new investors and the firm’s next deal was likely to be healthcare-related.

The amount exceeds the $807 million raised by its predecessor, JLL Fund VI in a tough fundraising environment in 2009, but is less than the $1.5 billion raised by Fund V, which closed on $1.5 billion in 2005.

The firm said that investors in Fund VII included Colorado Public Employees’ Retirement System, Travelers Companies and a number of funds and accounts advised by Neuberger Berman.

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