Firm: JLL Partners
Fund: JLL Partners VI LP
Target: $2.5 billion
Placement Agent: Credit Suisse
Legal Adviser: Skadden Arps Slate Meagher & Flom LLP
With its vintage-2005 fund past the 75 percent depletion point and strong exits to tout, New York buyout shop
The firm, which specializes in complex situations and build-ups, plans this month to send out a PPM with $2.5 billion on the cover for
Among its backers, the firm counts several savvy limited partners—including
Its portfolio companies operate in a handful of industry sectors, including health care and financial services. JLL Partners typically buys companies in need of financial restructuring or improvement. Taken together, the 14 companies in the firm’s portfolio have an average of 4x EBITDA leverage, which is low compared with peers, according to our source.
JLL Partners has scored solid exits from Fund V. Its 2005 investment in J.G. Wentworth, a structured settlement broker, has already returned more than 2x invested capital through two dividend recaps. The firm’s stake in J.G. Wentworth is valued at 6.1x following an equity float over the summer on a Bear Stearns private trading platform, which saw about a dozen institutional investors buy pieces of the company.
JLL Partners also notched a 2.9x return on the sale of Mosaic Sales Solutions earlier this year, and it recouped half of its $100 million investment in health care company Iasis through a dividend recap in May. Those deals benefited Fund IV.—J.H.