JLL Partners nears $500m first close for latest fund

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NYPrivate 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.

Earlier this year JLL agreed to exit prepaid debit card company NetSpend to financial services group TSYS for $1.4bn.

The firm got a return multiple of five times and an IRR of 34 per cent form the deal.

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