Mid-market private equity firm The Jordan Company has raised more than a third of its latest fund.
Resolute Fund III has held a $1.1bn first close and expects to hit its $3bn target sometime in 2014 according to PEHub, which cited a person with knowledge of the firm.
The new fund follows Resolute II, which raised $3.6bn in 2007 and was generating an IRR of 8.6 per cent and a cash multiple of 1.2 times, according to CalPERS data.
Jordan was launched in 1982 and invested on a deal-by-deal basis before raising its first fund, which was closed on $1.5bn in 2002.
The firm invests in profitable businesses with enterprise values of $100m to more than $2bn in various sectors including aerospace and defence, healthcare, insurance, metals, distribution, retail, energy and logistics.
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