They initially leased their office space from Bennett S. LeBow, a 1980s corporate raider and fellow Drexel Burnham Lambert client.

After a series of successful investments, the three decided to leave Quadrex and set up their own small private equity firm.

[3][4] Levy helped his new partners secure $150 million of capital for buyout transactions from his former firm, Drexel Burnham Lambert.

JLL experienced an early success with the leveraged buyout of Rexene Corp, a Texas-based chemical company, which made the partners multi-millionaires.

[9] In 2015, JLL Partners acquired Point Blank Enterprises, the largest supplier of ballistic and soft armor products for the U.S. military and law enforcement.