Business

Private equity pioneer staying away from Russian investments

Private equity pioneer Jay Jordan is close to closing a new $3.1 billion private equity fund — but he is not going back to investing in Russia.

Jordan Co. expects in April to hold a final $3.1 billion closing on The Resolute Fund III, a source close to the fundraising said.

That is shy of Jordan’s prior $3.6 billion fund in 2007, but is still closer to pre-recession levels than many of his peers have reached with their follow-up vehicles.

The New York- and Chicago-based Jordan Co. is known for investing internationally, especially in Russia.

In 1997, Jordan, through the United Cable Network, founded the Russian Federation’s largest cable-TV operation, with more than 1 million subscribers. It sold it in 2006.

Jordan would not comment on his fundraising effort, but did tell The Post about his views on investing in Russia: “Don’t even go near it.”

“We got out in 2006,” he said. “Russia’s not a place to put in any money now.”

He said Vladimir Putin leads a “very corrupt culture,” and he said another leader in that same culture would likely not improve matters.

Jordan said China, where he still invests, is much less dishonest.

Back in the 1970s, Jordan cut his teeth at Carl Marks & Co., where he led a team that bought 25 companies.