JPMorgan To Split Off $4.5B Private Equity Arm

Law360, New York (June 14, 2013, 1:24 PM EDT) -- Banking giant JPMorgan Chase & Co. is splitting off its $4.5 billion private equity branch, it said Friday, giving the firm new life as an independent outfit that will raise future funds from outside investors.

Starting with its next fund, New York-based One Equity Partners LLC will look to external benefactors. The firm, formed by JPMorgan in 2001, will continue to make direct investments on the bank's behalf for an unspecified “interim period” and oversee the bank's existing collection of portfolio companies, it said.

The shift...
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