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JPMORGAN CHASE ANNOUNCES CHANGES TO PRIVATE EQUITY BUSINESSMarch 1, 2005 -- JPMorgan Chase & Co. (NYSE:JPM) announced today that JPMorgan Partners, LLC (JPMP), a private equity unit of the firm, will become independent when it completes the investment of its current $6.5 billion Global Fund. The independent unit will retain portfolio management responsibility for the Global Fund and heritage JPMorgan Partners investments. In addition, JPMorgan Chase & Co. has committed to invest 24.9%, up to $1B, in a new fund that the independent firm plans to raise as a successor to the current Global Fund. "Over the last 21 years, JPMorgan Partners has successfully built a world-class, globally integrated, private equity franchise," said David Coulter, Vice Chairman of JPMorgan Chase & Co. "We want them to continue to grow and deepen that organization. They and we have determined that they can best achieve their desired scale independent of JPMorgan Chase & Co.," Coulter said. "We are committed to completing the investment of our Global Fund and honoring our commitments to our limited partners," said Jeffrey Walker, Managing Partner of JPMorgan Partners. "We are also inspired by the notion of further growing our franchise and look forward to remaining a valued client of JPMorgan Chase and continuing to provide a strong return on its capital," Walker said. JPMorgan Partners Asia will continue to raise a second fund and will be associated with the new independent private equity firm. One Equity Partners, the heritage Bank One private equity arm, will continue to operate as a separate fund subject to JPMorgan Chase's obligations to the JPMP Global Fund. Upon completion of the Global Fund, One Equity Partners will become the sole private equity investment vehicle for JPMorgan Chase & Co. *This information is not intended as an offer or solicitation for the purpose or sale of any financial instrument. JPMorgan Partners, LLC is a Registered Investment Adviser with Securities and Exchange Commission. Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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