JLL Partners Closes $1.4B Fund, Signaling Strong Middle-Market Confidence

NEW YORK, NY – February 18, 2026 – JLL Partners, a New York-based private equity firm with a long history in the middle market, has announced the final close of its latest fund, JLL Partners Fund IX, L.P., with approximately $1.4 billion in equity commitments. The successful fundraising campaign significantly surpassed its target and the size of its predecessor fund, signaling powerful investor confidence in the firm’s disciplined strategy amidst a complex economic landscape.

The new fund is over 60% larger than the firm's Fund VIII, which closed at approximately $866 million in 2019. This substantial increase reflects strong support from a diverse group of both long-standing and new institutional investors, a testament to the firm's track record in its core sectors of healthcare, industrials, and business services.

A Vote of Confidence in a Shifting Market

The oversubscription of Fund IX is a significant achievement in a private equity environment where limited partners (LPs) have become increasingly discerning. Following a period of market uncertainty, investors are prioritizing fund managers with proven track records and clear value-creation strategies. JLL’s ability to substantially exceed its fundraising target indicates that its model of transforming middle-market companies into market leaders continues to resonate deeply with institutional capital.

This success is particularly notable as it aligns with a broader trend where investors are diversifying allocations. While megafunds continue to attract significant capital, many LPs are looking toward specialized middle-market firms like JLL for differentiated returns. The middle market, often characterized by more manageable valuations and greater opportunities for hands-on operational improvement, is viewed as a resilient source of growth. JLL's $1.4 billion close positions it as a formidable player in this competitive segment, comparable to other recent successful raises by top-tier asset managers focused on small and mid-market opportunities.

Building on a Legacy of Performance

As JLL Partners approaches its 40th anniversary, the close of its ninth fund underscores the durability of its investment philosophy. Since its founding in 1988, the firm has invested approximately $8 billion of equity capital across 61 platform companies, building a reputation for operational expertise and strategic acquisitions.

Historical performance from previous funds has likely been a key driver of investor enthusiasm. Predecessor funds, such as Fund VI and Fund VII, have delivered strong returns, with reported net Internal Rates of Return (IRRs) consistently in the high teens or low twenties. This history of delivering value provides LPs with the confidence to commit significant capital, even as the market navigates higher interest rates and economic headwinds.

In a joint statement, JLL’s Managing Partners, Dan Agroskin, Kevin Hammond, and Frank Rodriguez, acknowledged this long-term perspective. “We are grateful for the continued trust and confidence of our investors in Fund IX, which we believe reflects the Firm’s long-term performance, disciplined investment approach and strength and continuity of the team,” they said. “As JLL approaches its 40th anniversary, we and our colleagues are eager to continue building upon the Firm’s legacy of success and deploy Fund IX’s capital to support business growth and transformation within our core focus sectors.”

Fueling Growth in Core Sectors

Fund IX has already begun its deployment, making four investments that highlight the firm's strategic focus. These initial acquisitions demonstrate a clear thesis within JLL’s target industries:

• Healthcare: The fund has invested in Vascular Technology, Inc. (VTI), a medical device company focused on intraoperative surgical tools. JLL has already moved to enhance VTI’s market position by combining it with Parks Medical Electronics, creating a more comprehensive platform for vascular diagnostics. This move taps into the healthcare sector's consistent demand for innovation, even as the industry faces increased regulatory scrutiny.

• Industrials: In the industrials space, JLL acquired PowerParts Group (PPG), a provider of high-precision replacement parts for power generation turbines. With rising global electricity demand, PPG is well-positioned to grow, and JLL plans to expand its capabilities through both organic initiatives and strategic M&A. The firm has also invested in Talica, a provider of high-purity surface treatments for regulated end markets.

• Business & Pharmaceutical Services: The investment in Solvias, an analytical testing provider for pharmaceutical and biotech clients, shows JLL's commitment to high-growth service businesses. The firm is utilizing a continuation fund to extend its investment, signaling strong conviction in Solvias’s long-term potential within the burgeoning life sciences ecosystem.

Navigating a Dynamic Investment Landscape

The successful close of Fund IX provides JLL Partners with significant “dry powder” to pursue opportunities in a market ripe with potential. While 2024 saw robust deal activity in sectors like healthcare and industrials, the private equity landscape in 2025 and beyond is marked by what many analysts call “quiet optimism.” Improved financing conditions and more stable valuations are expected to unlock a new wave of transactions, particularly in the middle market.

JLL’s sector-specific expertise is a critical advantage in this environment. The firm’s deep understanding of the healthcare, industrials, and business services sectors allows it to identify promising companies and partner with management teams to navigate industry-specific challenges and opportunities. Whether it is managing regulatory complexity in healthcare, capitalizing on infrastructure demand in industrials, or driving tech-enablement in business services, the firm’s focused approach is designed to create value beyond simple financial engineering.

With this new infusion of capital, JLL Partners is poised to continue its strategy of identifying and acquiring middle-market companies with the potential to become dominant players. The deployment of Fund IX will be closely watched by the market as a key indicator of where smart capital is flowing and how seasoned investors are creating value in a period of significant economic transformation.