JLL Partners

Paul S. Levy has led the firm as Managing Partner since founding it in 1988. JLL Partners operates with a concentrated partnership structure, and Levy remains the central decision-maker on all material investment commitments. The firm does not publicly detail an investment committee roster.

The firm actively targets corporate carve-outs and bankruptcies where operational complexity discourages competing bids. Its approach requires in-house restructuring expertise developed over multiple cycles. JLL Partners has built a track record of acquiring manufacturing and healthcare businesses directly out of Chapter 11 or from financially distressed corporate parents.

JLL Partners raises a single flagship buyout fund series rather than sector-specific vehicles. Fund VIII closed in 2017 and the portfolio spans healthcare, industrials, business services and chemicals. The firm has not publicly disclosed a Fund IX launch.

The firm writes equity checks typically between 30% and 50% of total deal capitalization and has utilized co-investors for larger transactions. Its investment structures include control buyouts, take-privates, corporate carve-outs and growth recapitalizations, generally targeting North American companies with enterprise values between $200 million and $1.5 billion.

The firm has been active in dental practice management through American Dental Partners and health insurance services through Medical Card System. Its healthcare investments have concentrated on provider services and payor assets rather than biotech or device manufacturing. This reflects a preference for asset-light service models with recurring revenue streams.