The Jordan Company LP has closed its The Resolute II Continuation Fund LP. The fund consists of over $1.3 billion in capital commitments, which funded the purchase of portfolio companies from The Resolute Fund II LP, a 2007 vintage fund with approximately $3.6 billion in capital commitments, and is the first continuation fund established by TJC.
“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,” said 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,” added 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 and healthcare; industrials; technology, telecom and utility; and transportation and 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,” added 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.