JPMorgan set to sell half of its $4.5bn buyout holdings

Jamie Dimon

JPMorgan Chase, which last year said its private-equity unit would become independent, agreed to sell half of its $4.5bn in buyout holdings to Carlyle Group LP’s AlpInvest Partners BV and Lexington Partners.

Bloomberg News reports that dealmakers at One Equity Partners LLC will form OEP Capital Advisors LP, an investment firm independent from New York-based JPMorgan, when the transaction is completed, which is expected by year-end, according to a statement. OEP will manage the rest of the portfolio, JPMorgan said. Financial terms of the agreement weren’t disclosed.

Wall Street firms are unloading parts of their businesses as regulations require that they bolster capital and reduce investments made with their own money. JPMorgan, whose CEO Jamie Dimon said in December he’s 'pruning' divisions the bank doesn’t need, last month agreed to sell about $1.3bn of loans and securities to Bain Capital’s Sankaty Advisors LLC.

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JPMorgan to Sell 50% of Buyout Portfolio to Two Buyers

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