J.F. Lehman & Company Launches New Credit Opportunities Vehicle to Enhance Investment Strategy

J.F. Lehman & Company Expands Its Investment Horizons

On April 30, 2025, J.F. Lehman & Company (JFLCO), a premier alternative asset manager specializing in aerospace, defense, government, maritime, environmental, and infrastructure sectors, successfully closed a continuation vehicle for its JFL Credit Opportunities I, L.P. (Credit Fund I). This strategic move reflects the firm’s commitment to expanding its investment capabilities while reinforcing its existing business model.

This newly established vehicle includes both fresh capital commitments and a portfolio of credit positions previously held by JFL Equity Investor VI, L.P. and its affiliates that are focused on high-quality, middle-market companies within the specified industries targeted by JFLCO. Key players in this venture include Pantheon, a prominent global private markets investor, which acted as the leading investor, alongside StepStone Group, which also participated in the funding.

JFLCO made a significant advancement in early 2023 with the incorporation of credit investments by collaborating with experts Evan Lederman and Lionel Jolivot. Their complementary backgrounds in credit and industry-focused knowledge synced perfectly with JFLCO's well-established private equity approach. This combination facilitated the development of a credit strategy grounded in insightful analysis and expertise related to sectors of operation.

The firm’s credit strategy, which is characterized by an opportunistic approach, addresses various segments including syndicated credit, secondary direct lending, and distressed financial situations across its core industries. The transaction is poised to allow JFLCO’s credit team to scale its platform further and generate value for its stakeholders while simultaneously offering liquidity to investors in Fund VI.

Alex Harman and Glenn Shor, partners at JFLCO, expressed enthusiasm regarding the integration of credit into their platform, indicating that the expansion provides considerable strategic benefits. They believe the combination of private equity and credit strategies in their investment approach crafts a unique proposition, positioning the firm to capitalize on a broader range of opportunities within its desired sectors.

Evan Lederman and Lionel Jolivot echoed this sentiment, expressing gratitude for the support from highly esteemed investors involved in Credit Fund I and their eagerness to continue developing JFLCO's credit strategy further. Rakesh Jain, Global Head of Private Credit at Pantheon, reaffirmed this sentiment by highlighting the collaboration's ability to enhance value and outcomes through strategic partnerships.

The transaction also saw Jefferies LLC serving as the exclusive financial advisor, while legal counsel was provided by Davis Polk & Wardwell LLP, with Jones Day representing Pantheon. This structured approach combines substantial expertise and strategic foresight, showcasing JFLCO's robust positioning within the alternative asset landscape.

Established in 1992, J.F. Lehman & Company has continued to focus its investment endeavors in sectors such as aerospace, defense, government, maritime, environmental, and infrastructure. The firm boasts over $8 billion in assets under management across its private equity and credit strategies and operates from its offices in New York and Washington, D.C. As JFLCO forges ahead in 2025 and beyond, it is clear that its strategic expansions, innovative partnerships, and in-depth market understanding will continue to play a pivotal role in driving its success.