US mid-market private equity firm JF Lehman has closed its third fund with commitments of $575.5m, surpassing its initial $450m target.
The firm, which focuses primarily on the defence, aerospace and maritime industries, secured capital backing for the oversubscribed JFL Fund III from more than thirty institutions based in North America and Europe.
These included public and private pension funds, global financial institutions, domestic and foreign insurance companies, fund-of-funds, family offices, endowments and foundations.
The vehicle is the firm’s largest to date following its second fund, which closed on $335.3m, and its inaugural investment fund, which secured $130.9m.
Like its predecessors, the fund will focus on control ownership positions in leveraged acquisitions of companies in the firm’s target industries in the US and UK.
“We are pleased to have received strong support from our long-standing investment partners as well as support from a high quality group of new investors,” said Louis Mintz, a partner of JF Lehman.
“We will continue to pursue our focused and disciplined investment strategy to achieve strong results,” he added.
In June this year the JFL Fund III made its first investment in the acquisition of US Joiner, a provider of end-to-end marine joiner and related shipbuilding solutions for the US overnment and commercial customers.
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