J.F. Lehman & Co. LLC is planning to close its fifth private equity fund with an initial target of $1 billion by the end of 2019, Private Equity International reported, citing pension documents.
The JFL Equity Investors V LP fund secured $500 million in additional commitments from new and returning limited partners, the report noted, citing the Oct. 10 presentation of the private equity firm to the Connecticut Retirement Plans and Trust Funds, which committed $100 million to the fund.
The fund, which raised $400.5 million in capital commitments in July, will deploy $35 million to $150 million in financing across 10-12 companies.
Fund V is about 20% larger than its predecessor with the latter raising $833 million in 2016, according to investment consultant StepStone Group's presentation to the pension system.
The firm did not respond to requests for comment sent by the news outlet.