The Jordan Co. has closed its first continuation fund, The Resolute II Continuation Fund, which raised about $1.3 billion from a Hamilton Lane-led investor group, a spokeswoman said in an email.
The capital raised by the continuation fund will be used to buy portfolio companies from a 2007 fund raised by The Jordon Co., the $3.6 billion The Resolute Fund II.
Investors in the 2007 fund were given the choice to cash out their full investment, roll over the investment into the continuation fund or make an additional capital commitment to the continuation fund. Limited partners in the 2007 fund are part of the continuation fund investor group. Further information on the percentage of 2007 fund investors that exercised each of the options was not immediately available.
"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 The Jordan Co's global investor capital group in a news release.
Investors in The Resolute Fund II included the $484.5 billion California Public Employees' Retirement System, Sacramento; $71.6 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.; $40.7 billion Texas County & District Retirement System, Austin; $34.8 billion Nebraska Investment Council, Lincoln; $17.2 billion Ohio Police & Fire Pension Fund, Columbus; and $2.9 billion Houston Municipal Employees Pension System.
In 2018, LACERA sold its interest in Resolute Fund II for $26.7 million. LACERA had committed $60 million to the fund, which had an unfunded commitment of $5.9 million at the time it sold its interest in the fund.