The Jordan Company (TJC) has closed The Resolute II Continuation Fund with over USD1.3 billion in capital commitments, which funded the purchase of portfolio companies from The Resolute Fund II, a 2007 vintage fund.
The Fund, the first continuation fund established by TJC, provides the firm with additional time and capital to support the continued growth of key portfolio assets, while also providing Resolute II limited partners an attractive liquidity opportunity to solidify their returns.
“With the closing of the Fund, we are thrilled to be extending our partnership with the Fund’s portfolio companies while also providing existing Resolute II limited partners optionality to receive liquidity based on their individual investment objectives,” says Rich Caputo, Chief Executive Partner of TJC.
“The transaction received strong support from existing Resolute II limited partners and was oversubscribed by prospective new investors. We could not be happier with the high-quality investor base the Fund attracted,” adds Kristin Custar, Partner and Head of TJC’s Global Investor Capital Group.
The Fund’s portfolio companies are representative of TJC’s long-lasting focus on investing in middle market businesses with strong cash flow conversion and operational improvement potential in fragmented markets across the firm’s four core industry verticals: Consumer & Healthcare; Industrials; Technology, Telecom & Utility; and Transportation & Logistics.
“We believe this transaction reinforces the alignment among the Fund’s portfolio company management teams, limited partners, and TJC. We are excited to begin a new chapter in our partnership with our investors and management,” adds Rich Caputo.
The transaction was led by Hamilton Lane and included a diverse group of secondary and primary investors, including Resolute II limited partners. TJC offered all existing Resolute II limited partners the opportunity to exercise a full liquidity option, a rollover option, and an option to seek to make additional capital commitments to the Fund.
M2O Private Fund Advisors served as exclusive financial advisor to TJC and Latham & Watkins served as legal counsel to TJC. Ropes & Gray served as legal counsel for Hamilton Lane.