Carillion went into liquidation in January after racking up a debt pile of £1.5bn and failing to secure a rescue deal in talks with lenders and the government.
The collapse of Carillion put its contracts in jeopardy, forcing businesses and joint venture partners to either pick up the slack or find another company to do the work.
In a trading update for January 1 to May 17, JLIF said it has found new contractors to work on its nine projects, which account for about 8.7% of its portfolio as of March 31.
For the largest of the projects, the M40 motorway project, the investment firm has secured a new provider on long-term contractual arrangement.
JLIF said the remaining eight projects have transitioned to new providers initially on an interim basis with the expectation of a full transition over the coming months.
The cost of replacing Carillion is about £3mln, in line with the guidance JLIF issued in January.
Alongside the statement, JLIF said the value of its portfolio at March 31 was £1.38bn, down £700,000 from three months ago, in part due to the impact of foreign exchange headwinds and cash distributed from the portfolio.
On an underlying basis, the value of the portfolio rose 1.84%.
The net asset value per share at the end of March stood at 125.5p, up 0.7% compared to three months earlier.
The total net asset value came to £1.24bn, including £35.4mln of cash allocated to a dividend paid on May 15. The dividend of 3.57p per share represented a 2.5% increase on the payment made last October.