TJC Closes Second Continuation Fund of $2.1 Billion Led by AlpInvest
TJC LP, a middle-market private equity firm, has announced the closure of its second continuation fund at $2.1 billion. This fund extends The Resolute Fund III, L.P. and includes an asset jointly owned with The Resolute Fund IV, L.P. The Continuation Fund acquired five portfolio companies from these funds, providing an opportunity for partners to achieve liquidity while allowing TJC more time and capital to accelerate growth of core portfolio assets.
The transaction was led by AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), and included various secondary and primary investors. TJC offered existing partners options for full liquidity, rollover, or additional capital commitments. The fund was oversubscribed by new investors, demonstrating strong support for TJC's strategy. William Blair served as the exclusive financial advisor, while Latham & Watkins LLP provided legal counsel to TJC.
TJC LP, una società di private equity di mercato intermedio, ha annunciato la chiusura del suo secondo fondo di continuazione per un valore di $2,1 miliardi. Questo fondo estende The Resolute Fund III, L.P. e include un asset di proprietà congiunta con The Resolute Fund IV, L.P. Il Fondo di Continuazione ha acquisito cinque società del portafoglio da questi fondi, offrendo un'opportunità per i partner di realizzare liquidità, mentre consente a TJC più tempo e capitale per accelerare la crescita degli asset chiave del portafoglio.
La transazione è stata guidata da AlpInvest, una sussidiaria di Carlyle (NASDAQ: CG), e ha incluso vari investitori secondari e primari. TJC ha offerto ai partner esistenti opzioni per una liquidità totale, rollover o impegni di capitale aggiuntivi. Il fondo è stato sovrascritto da nuovi investitori, dimostrando un forte supporto per la strategia di TJC. William Blair ha servito come consulente finanziario esclusivo, mentre Latham & Watkins LLP ha fornito assistenza legale a TJC.
TJC LP, una firma de capital privado de mercado medio, ha anunciado el cierre de su segundo fondo de continuación por un total de $2.1 mil millones. Este fondo extiende The Resolute Fund III, L.P. e incluye un activo en copropiedad con The Resolute Fund IV, L.P. El Fondo de Continuación adquirió cinco empresas de la cartera de estos fondos, brindando a los socios la oportunidad de obtener liquidez mientras permite a TJC más tiempo y capital para acelerar el crecimiento de los activos clave de la cartera.
La transacción fue liderada por AlpInvest, una subsidiaria de Carlyle (NASDAQ: CG), e incluyó a diversos inversores secundarios y primarios. TJC ofreció a los socios existentes opciones para liquidez total, rollover o compromisos de capital adicionales. El fondo fue sobre-suscrito por nuevos inversores, lo que demuestra un fuerte apoyo a la estrategia de TJC. William Blair actuó como asesor financiero exclusivo, mientras que Latham & Watkins LLP brindó asesoramiento legal a TJC.
TJC LP는 중형 사모펀드로서 두 번째 연속 펀드를 21억 달러에 마감했다고 발표했습니다. 이 펀드는 The Resolute Fund III, L.P.를 연장하며 The Resolute Fund IV, L.P.와 공동 소유된 자산을 포함합니다. 연속 펀드는 이들 펀드에서 5개의 포트폴리오 기업을 인수하여, 파트너들이 유동성을 확보할 수 있는 기회를 제공하면서 TJC가 주요 포트폴리오 자산의 성장을 가속할 수 있도록 더 많은 시간과 자본을 허용합니다.
이번 거래는 AlpInvest에 의해 주도되었습니다, 이는 Carlyle(NASDAQ: CG)의 자회사로 다양한 2차 및 1차 투자자들이 포함되었습니다. TJC는 기존 파트너들에게 전액 유동성, 롤오버 또는 추가 자본 약정 옵션을 제공했습니다. 이 펀드는 새로운 투자자들에 의해 초과 구독되어 TJC의 전략에 대한 강력한 지지를 보여주었습니다. William Blair는 독점 재무 자문사로서 역할을 하였고, Latham & Watkins LLP는 TJC에 법률 자문을 제공했습니다.
TJC LP, une société de capital-investissement de marché intermédiaire, a annoncé la clôture de son deuxième fonds de continuation d'un montant de 2,1 milliards de dollars. Ce fonds prolonge The Resolute Fund III, L.P. et comprend un actif détenu conjointement avec The Resolute Fund IV, L.P. Le Fonds de Continuation a acquis cinq sociétés de portefeuille de ces fonds, offrant aux partenaires l'opportunité de réaliser de la liquidité tout en permettant à TJC d'avoir plus de temps et de capital pour accélérer la croissance des actifs clés du portefeuille.
La transaction a été dirigée par AlpInvest, une filiale de Carlyle (NASDAQ: CG), et a impliqué divers investisseurs secondaires et primaires. TJC a proposé aux partenaires existants des options pour une liquidité totale, un rollover ou des engagements de capital supplémentaires. Le fonds a été sursouscrit par de nouveaux investisseurs, démontrant un fort soutien à la stratégie de TJC. William Blair a été le conseiller financier exclusif, tandis que Latham & Watkins LLP a fourni des conseils juridiques à TJC.
TJC LP, eine Private-Equity-Firma im Mittelstand, hat den Abschluss ihres zweiten Fortführungsfonds in Höhe von 2,1 Milliarden Dollar bekannt gegeben. Dieser Fonds erweitert The Resolute Fund III, L.P. und umfasst ein gemeinsam mit The Resolute Fund IV, L.P. besessenes Vermögen. Der Fortführungsfonds hat fünf Portfoliounternehmen aus diesen Fonds übernommen und bietet den Partnern die Möglichkeit, Liquidität zu erreichen, während TJC mehr Zeit und Kapital erhält, um das Wachstum der Kernportfoliowerte zu beschleunigen.
Die Transaktion wurde von AlpInvest geleitet, einer Tochtergesellschaft von Carlyle (NASDAQ: CG), und umfasste verschiedene sekundäre und primäre Investoren. TJC bot bestehenden Partnern Optionen für vollständige Liquidität, Rollovers oder zusätzliche Kapitalverpflichtungen an. Der Fonds war überzeichnet von neuen Investoren, was eine starke Unterstützung für die Strategie von TJC zeigt. William Blair fungierte als exklusiver Finanzberater, während Latham & Watkins LLP TJC rechtlich beriet.
- Successful closure of a $2.1 billion continuation fund
- Oversubscription by new investors indicating strong market interest
- Opportunity for accelerated growth of core portfolio assets
- Flexibility for existing investors with liquidity and rollover options
- None.
Insights
The closure of TJC's $2.1 billion continuation fund is a significant development in the private equity landscape. This structure allows TJC to extend the holding period for select portfolio companies from their Resolute III and IV funds, providing additional time and capital for value creation. The oversubscribed nature of the fund and support from existing LPs indicate strong investor confidence in TJC's strategy and portfolio management.
For investors, this move offers flexibility:
- Existing LPs can choose liquidity, rollover, or increase commitments
- New investors gain access to a mature portfolio with potential upside
The transaction's impact on Carlyle (CG) is likely positive but , given it's through a subsidiary. It may contribute incrementally to Carlyle's assets under management and potentially to future performance fees if the continuation fund performs well.
The Continuation Fund purchased a total of five portfolio companies including assets from Resolute III, a 2013 vintage fund with approximately
“As we drive ongoing acquisition integration and operational initiatives within the Continuation Fund portfolio, we believe this transaction will enable us to provide the Fund’s portfolio companies with greater resources, time and flexibility to execute on these strategies which will continue to build shareholder value,” said Rich Caputo, Chairman and Chief Executive Partner of TJC. “We have given our investors an option to take accelerated liquidity at a market-driven price while allowing the portfolio companies the opportunity to continue to pursue their long-term growth plans.”
“This is the second consecutive transaction that earned overwhelming support from limited partners, and was oversubscribed by new investors,” said Kristin Custar, Partner and Head of TJC’s Global Investor Capital Group. “We are thankful for the partnership of the investors who supported the Continuation Fund and appreciate their continued support.”
The transaction was led by AlpInvest, a subsidiary of global investment firm
“AlpInvest is pleased to have the opportunity to expand our partnership with TJC in leading the Resolute III Continuation Fund transaction,” said Eric Anton, Managing Director at AlpInvest. “The transaction is strongly aligned with our strategy, and we look forward to continuing to support TJC in driving value creation initiatives across the portfolio.”
William Blair served as exclusive financial advisor to TJC and placed the Continuation Fund. Latham & Watkins LLP acted as legal advisor to TJC.
About TJC
TJC LP, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. With
About AlpInvest
AlpInvest, a subsidiary of
View source version on businesswire.com: https://www.businesswire.com/news/home/20241001765764/en/
AlpInvest
Isabelle Jeffrey
Isabelle.jeffrey@carlyle.com
Brittany Berliner
Brittany.Berliner@carlyle.com
TJC
Jonathan Marino
Prosek Partners
jmarino@prosek.com
Source: TJC LP
FAQ
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