Firm: J.F. Lehman & Company
Fund: JFL Equity Investors III LP
Target: $450 million
Amount Raised: $575 million
Placement Agent: Stanwich Partners
Despite Washington’s vow to cut defense spending, a recent successful fundraising drive by a defense-related private equity firm shows some investors remain confident that money can still be made within the military-industrial complex.
The latest offering by
The firm was founded in 1992 by John Lehman, a former secretary of the Navy, along with Donald Glickman and George Sawyer. In addition to the firm’s founders, many staffers have military and defense expertise. Based in New York, the firm also has offices in Washington, D.C., and London.
George Hopkins, the executive director of the
Arkansas Teachers is one of 36 institutional investors that have committed to the fund. Other investors include the
Already, Fund III has completed one acquisition, its June 2011 purchase of U.S. Joiner, a provider of military and commercial shipbuilding solutions. Investments by J.F. Lehman typically range between $25 million and $75 million and are heavily weighted to corporate divestitures and the acquisition of founder-owned companies.
The firm’s first two funds garnered nearly $500 million in commitments. The placement agent for Fund III was Stanwich Partners of Wilton, Conn. Calls to J.F. Lehman were not returned.