Private equity firm JLL Partners is reportedly nearing a first close of $500m for its seventh fund.
The firm’s Fund VII is targeting $1.5bn, said PeHUB, citing a source.
Jefferies is acting as a placement agent for the fund, said the report.
Fund VII follows JLL’s sixth vehicle, which was closed with commitments of $807m in 2009.
That fund is currently generating a net IRR of 25 per cent and the $1.5bn Fund V, which was closed in 2005, is producing a net IRR of 17 per cent and a cash multiple of 1.5 times, said the person.
The firm got a return multiple of five times and an IRR of 34 per cent form the deal.
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