TJC LP, a middle-market private equity firm focused on North American businesses, 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 Resolute III, a 2013 vintage fund with approximately $3.2 billion in capital commitments, and one company jointly owned with Resolute IV, a 2018 vintage fund with around $3.6 billion in commitments. This new fund aims to provide TJC with the resources to accelerate the growth of core assets while offering liquidity options to limited partners from both funds.
Rich Caputo, Chairman and Chief Executive Partner of TJC, stated: "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." He added that investors have been given an option for accelerated liquidity at market-driven prices while allowing portfolio companies to pursue long-term growth plans.
Kristin Custar, Partner and Head of TJC’s Global Investor Capital Group, noted: "This is the second consecutive transaction that earned overwhelming support from limited partners and was oversubscribed by new investors. 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 Carlyle (NASDAQ: CG), along with secondary and primary investors including limited partners from Resolute III and IV. Existing limited partners were offered full liquidity options as well as opportunities for additional capital commitments.
Eric Anton, Managing Director at AlpInvest said: "AlpInvest is pleased to have the opportunity to expand our partnership with TJC in leading the Resolute III Continuation Fund transaction. 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 for TJC while Latham & Watkins LLP acted as legal advisor.
TJC LP has over 40 years of experience working across various industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. As of June 30th 2024, it manages $31.4 billion in assets.
AlpInvest is a global private equity investor managing over $80 billion in assets as of June 30th 2024. It operates under Carlyle (NASDAQ: CG) and employs more than 230 people worldwide.
Contacts:
AlpInvest
Isabelle Jeffrey
Isabelle.jeffrey@carlyle.com
Brittany Berliner
Brittany.Berliner@carlyle.com
TJC
Jonathan Marino
Prosek Partners
jmarino@prosek.com
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