JLL Partners over halfway to Fund VII target

Firm has raised $624.15m, with Rhode Island State Treasury and New Jersey Division of Investment both committing $150m.

JLL Partners is more than halfway to its $1 billion target for its Fund VII, according to the firm’s filing with the US Securities and Exchange Commission on 9 September.

JLL Partners Fund VII currently has $624.15 million of capital committed, according to the filing, with a hard-cap of $1.1 billion.

The firm was not immediately available to comment.

Rhode Island State Treasury and New Jersey Division of Investment both committed $150 million and the University of California Retirement System another $50 million to the fund. Other investors include Arizona State Retirement System, New York State Teachers’ Retirement System and the University of Missouri Pension Trust Fund, according to PEI’s Research & Analytics division.

The first investment was made on 20 August 2014, the filing said. Jefferies served as financial adviser with Skadden, Arps, Slate, Meagher & Flom served as legal counsel.

A fund review memorandum presented to New Jersey Division of Investment in January noted that Fund VII will “pursue the same successful, middle market control investment strategy” of JLL’s past investments.

Its predecessor, JLL Partners Fund VI, closed in May 2010 on $807 million and had a net IRR of 25.13 percent.

Funds raised by JLL Partners are focused on buyouts and turnarounds in North America, with previous investments going into healthcare services, medical products, food and consumer products, chemicals, broadcasting, transportation, automotive, industrial manufacturing and distribution industries.

JLL Partners is based in New York and manages $4.69 billion in assets, according to PEI’s Research & Analytics.