JLL Partners
JLL Partners is a New York-based middle-market private equity firm founded in 1988 that deploys ~$8B across nine funds into healthcare, industrials (A&D), and business services platforms via a thesis-driven, in-house value-creation model serving institutional LPs.
- Company typePrivate
- Founded1988
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What JLL Partners does
JLL Partners is a New York-based middle-market private equity firm founded in 1988 that invests across three sector verticals — Healthcare (pharmaceutical and life sciences services, devices and diagnostics, outsourced healthcare services), Industrials with a focus on Aerospace & Defense (aviation MRO, defense electronics enclosures, aerospace components, protective body armor, calibration and surface science), and Business Services (legal services and eDiscovery, information governance and specialty consulting, digital engineering). The firm raises successive private equity funds from institutional limited partners and has deployed approximately $8 billion of equity capital across nine funds and 61 platform investments with 183+ total acquisitions since inception; Fund IX closed at approximately $1.4 billion in February 2026, a meaningful step-up from the ~$866 million Fund VIII.
JLL's go-to-market is thesis-driven and proactive: the firm originates the majority of its deals through proprietary sourcing by an in-house business development team and a deep bench of ~15 strategic advisors with sector operating experience (former CEOs of Anthem/Wellpoint, Ambu, DaVita SVP-level, U.S. Navy Rear Admiral, frog design), supplemented by repeat co-investment with Water Street Healthcare Partners and selective use of sell-side advisors. Exits are executed via strategic acquirers (Thermo Fisher acquired Patheon in 2017 for ~$7B implied, Heartland Dental acquired American Dental Partners, Consilio acquired Xact Data Discovery in 2021, inVentiv Health acquired PharmaNet) and public markets (Patheon IPO on TSX in July 2016). Documented case-study outcomes include 6x EBITDA growth and 2x margin expansion at Patheon, 3x+ EBITDA growth and 10 accretive add-ons at Xact Data Discovery, and 8 accretive acquisitions and 11x EBITDA at Loar Group.
JLL Partners firmographics
Firmographics- Name
- JLL Partners
- Legal name
- JLL Partners, LLC and JLL Partners FCH, Inc.
- Website
- http://www.jllpartners.com
- Company type
- Private
- Founded year
- 1988
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- JLL Partners is a New York-based middle-market private equity firm founded in 1988 that deploys ~$8B across nine funds into healthcare, industrials (A&D), and business services platforms via a thesis-driven, in-house value-creation model serving institutional LPs.
- Ownership category
- akta.pro rank
JLL Partners industry classification
Industry- Product category
- Middle-Market Private Equity
- NAICS
- Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Sector / Generalist Growth Equity (FSANACAO)
- akta.pro secondary industry
- Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)
Keywords
Where JLL Partners is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
JLL Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Private equity fund management fees and carried interest: JLL Partners earns management fees and performance-based carried interest from the limited partners of its successive private equity funds. Fund IX closed at approximately $1.4 billion in equity commitments, exceeding its target and the ~$866 million predecessor fund. The firm has invested approximately $8 billion of equity capital across nine private equity funds with 61 platform investments since founding in 1988.
- Capital formation / fund investor relations services: Capital is raised from institutional investors through a dedicated in-house Capital Formation team (led by Head of Capital Formation Cara Killackey), with routine ESG and performance updates provided to LPs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Private equity fund commitments allocated via formal offering documents (not publicly priced) |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels4 records
JLL Partners product offering
Product offeringCore offering
JLL Partners is a middle-market private equity firm that raises capital from institutional limited partners through successive private equity funds (currently spanning Funds VI through IX) and deploys that capital into platform and add-on acquisitions across three sector-focused verticals: healthcare, industrials (including aerospace & defense), and business services. The firm combines in-house investment, operations, capital markets, and capital formation teams to source proprietary transactions, support portfolio company growth, and ultimately exit via strategic sale or public markets.
Product overview
JLL Partners operates a private equity investment platform rather than a traditional software product suite, built around a series of middle-market funds (currently spanning Funds VI through IX, with Fund IX closed at approximately $1.4 billion in equity commitments). The platform is organized around three sector-specialized investment verticals—Healthcare, Industrials, and Business Services—each led by dedicated Managing Partners, which together form the core of how JLL deploys capital. Complementing these investment verticals are in-house Value Creation Services (including operational support led by Head of Value Creation Gerard van Spaendonck, technology implementation led by CTO Raj Bhavsar, and AI strategy led by Chief AI Officer Jeff Hunter) and an in-house Capital Markets platform led by Garrett Hall. The full ecosystem supports portfolio companies from acquisition through exit across healthcare, industrials, and business services sectors, with over $8 billion invested and committed capital across nine funds.
Differentiator
Problem solved
Functional benefit
Products and services
- JLL Partners Private Equity Funds A series of middle-market private equity funds (currently Funds VI through IX, with Fund IX closed at ~$1.4 billion in equity commitments), focused on transformative investments across the healthcare, industrials, and business services sectors. LPs commit capital via formal offering documents.
- JLL Partners Healthcare Investment Vertical Sector specialization platform covering Pharmaceutical & Life Sciences, Devices & Diagnostics Technology, and Outsourced Healthcare Services; led by Managing Partner Dan Agroskin.
- JLL Partners Industrials Investment Vertical Sector specialization platform covering Aerospace & Defense, Specialty Distribution, and Industrial Services; led by Managing Partner Kevin Hammond.
- JLL Partners Business Services Investment Vertical Sector specialization platform covering Legal Services & Technology, Information Governance Consulting, and Financial; led by Managing Partner Frank Rodriguez.
- JLL Value Creation Services In-house operations platform led by Head of Value Creation Gerard van Spaendonck, with Chief Technology Officer Raj Bhavsar and Chief AI Officer Jeff Hunter; supports portfolio companies with operational efficiencies, add-on acquisition integration, technology implementation, and growth strategies.
- JLL Partners Capital Markets Platform In-house capital markets platform led by Managing Director Garrett Hall, providing financing coordination and oversight for new platform acquisitions and existing portfolio companies throughout the life of investments.
Quantifiable outcome
- 6x EBITDA growth and 2x margin expansion at Patheon; capabilities across 75% of all dosage forms; ultimately sold to Thermo Fisher Scientific
- +4 more outcomes
Companies that use JLL Partners
Customer profileNamed customers29 records
Segments4 records
Ideal customer profiles4 records
JLL Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature3 records
JLL Partners partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, flagship and core.
- JLL Malaysia (Capital Markets Data Centres team)minorJLL Malaysia's capital markets data centres team lead Sum Chun Kit was interviewed for an educational article on data centres in The Edge Malaysia Weekly, covering hyperscale expansion in Johor and sustainability initiatives. This appears to reference Jones Lang LaSalle (JLL) Malaysia, a separate real estate services firm, not JLL Partners, the PE firm.
- SDR VenturesminorSDR Ventures served as sell-side advisor to Parks Medical Electronics on its acquisition by JLL Partners. Parks Medical is an Oregon-based medical device manufacturer of Doppler ultrasound systems and vascular testing equipment.
- Parks Medical Electronics + Vascular Technology IncorporatedflagshipJLL Partners acquired and combined Parks Medical Electronics with Vascular Technology Incorporated to create a leading medical device company focused on vascular and robotics applications. The platform offers a comprehensive portfolio of Doppler ultrasound systems and vascular diagnostic systems serving healthcare professionals.
- JLL Partners (CDMO buy-and-build platforms)coreIndustry analysis identifies JLL Partners (alongside Vance Street Capital and Argosy Healthcare) as a private equity sponsor continuing to fuel CDMO consolidation through buy-and-build strategies, with specialization commanding significant valuation premiums.
- Heartland DentalminorHeartland Dental announced a strategic transaction to acquire American Dental Partners Incorporated from JLL Partners. American Dental Partners operated hundreds of facilities in 20+ states.
- THREADminorJLL Partners and Water Street jointly acquired THREAD in August 2019. THREAD subsequently acquired Modus Outcomes (November 2021), CureClick (April 2022), and partnered with Amazon Web Services on a cloud-based AI-driven decentralized clinical trials technology platform (March 2022).
- ConsiliominorConsilio acquired Xact Data Discovery from JLL Partners in 2021. Xact Data Discovery was a successful JLL Fund VII investment in the eDiscovery / litigation support space, achieving 3x+ EBITDA growth under JLL ownership.
- Thermo Fisher ScientificcoreThermo Fisher Scientific acquired Patheon, a leading contract development and manufacturing organization built by JLL Partners via a $2.6B deal with Royal DSM in 2013-2014. Patheon IPO'd in July 2016 and grew 6x EBITDA under JLL ownership prior to exit.
- Royal DSMflagshipJLL Partners formed a new pharma firm with Royal DSM in a $2.6 billion deal (November 2013) merging JLL's Patheon with DSM's pharmaceutical services division; merger closed March 2014. The transformational combination unlocked significant new business opportunities and enabled expansion across 75% of all dosage forms.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
JLL Partners competitors and assessment
Company assessmentDirect peers
- Water Street Healthcare Partners: Chicago-based middle-market private equity firm exclusively focused on healthcare. Most directly comparable to JLL: it is a repeat co-investment partner with JLL on healthcare platforms (EVERSANA, THREAD, BioClinica, Viant), shares the same healthcare-services and outsourced-services thesis, and competes for similar mid-market healthcare deals.
- Welsh, Carson, Anderson & Stowe: Long-tenured New York-based PE firm dedicated to healthcare and technology. Closely comparable to JLL's healthcare vertical in investment approach, fund size range, and focus on outsourced healthcare services and life sciences — a direct competitor for healthcare platforms and LPs.
- Avista Capital Partners: Healthcare-focused middle-market PE firm. Comparable to JLL's healthcare vertical in target company size, healthcare services and pharma services orientation, and buy-and-build execution style; competes for similar outsourced-services platforms.
- Linden Capital Partners: Chicago-based PE firm exclusively focused on healthcare (primarily healthcare services, pharma services, medical products). Closely comparable to JLL in healthcare-only thesis, middle-market check size, and concentration in regulated outsourced-services models.
- GTCR LLC: Chicago-based middle-market PE firm with deep healthcare experience and a long history of sector-focused Leaders Strategy™ platforms. Highly comparable to JLL in fund size, healthcare emphasis, and repeatable build-and-buy execution model.
- Arsenal Capital Partners: Middle-market PE firm focused on healthcare and industrial growth sectors. Comparable to JLL in two of its three verticals (healthcare services and industrials/specialty distribution) and in thesis-driven, sector-specialized deal-making.
- American Industrial Partners: Middle-market PE firm focused exclusively on industrials, including aerospace & defense, specialty industrial services, and distribution. Directly comparable to JLL's industrials vertical in focus areas (A&D, power generation components, calibration/industrial services) and in buy-and-build style.
- New Mountain Capital: Middle-market PE firm with deep healthcare services, life sciences, and business services focus. Comparable to JLL across two verticals (healthcare and business services) in target company size and thesis-driven, sector-specialized approach.
Broad incumbents
- Carlyle Group: Global mega-fund with a dedicated U.S. healthcare and industrials platform. Overlaps with JLL in sector focus (JLL even bought Odyssey Behavioral Healthcare from Carlyle in 2024) but operates with significantly larger fund sizes and a more diversified sector footprint; competes for larger platforms and the same LP capital.
- Bain Capital: Global mega-fund with a dedicated Bain Capital Life Sciences and healthcare vertical. Comparable to JLL in healthcare thesis (outsourced services, life sciences) and in some business services exposure, but competes from a much larger fund base and broader geographic footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
JLL Partners social profiles
Digital presenceJLL Partners compliance and trust
Trust signalCompliance4 records
JLL Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
JLL Partners leadership team
Management profileNumber of profiles
Profiles17 records
JLL Partners subsidiaries and ownership
Company hierarchySubsidiaries28 records
JLL Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
JLL Partners M&A and investment
M&A and investmentM&A13 records
Investments9 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about JLL Partners
What does JLL Partners do?
JLL Partners is a middle-market private equity firm that raises capital from institutional limited partners through successive private equity funds (currently spanning Funds VI through IX) and deploys that capital into platform and add-on acquisitions across three sector-focused verticals: healthcare, industrials (including aerospace & defense), and business services. The firm combines in-house investment, operations, capital markets, and capital formation teams to source proprietary transactions, support portfolio company growth, and ultimately exit via strategic sale or public markets.
Is JLL Partners a public or private company?
JLL Partners is a private company. It is classified as management employee owned and is currently operating.
When was JLL Partners founded?
JLL Partners was founded in 1988. It employs 101 to 250 people.
Where is JLL Partners based?
JLL Partners is headquartered in New York, United States, in the North America region.
How does JLL Partners make money?
Two revenue lines are on record. Private equity fund management fees and carried interest is the primary driver. The others are capital formation / fund investor relations services.
Who are JLL Partners's main competitors?
Direct peers on record are Water Street Healthcare Partners, Welsh, Carson, Anderson & Stowe, Avista Capital Partners, Linden Capital Partners, GTCR LLC, Arsenal Capital Partners, American Industrial Partners and New Mountain Capital. Broad incumbents are Carlyle Group and Bain Capital.
Does JLL Partners have an API?
No public API is recorded for JLL Partners.
What industry is JLL Partners in?
JLL Partners's product category is Middle-Market Private Equity. Its primary akta.pro industry code is FSANACAO, Multi-Sector / Generalist Growth Equity, with a secondary code of FSAEALAI, Institutional Capital Introduction (LP/Family Office/Endowment Matching). Its NAICS code is 523940 and its SIC code is 6282.