JPMorgan Chase announced Friday that the partners of One Equity Partners (OEP), the firm’s private equity unit, will begin to raise their next fund from an external group of limited partners and become independent from the bank.
One Equity Partners currently manages approximately $4.5bn of investments for JPMorgan Chase in direct private equity transactions and has produced strong returns over the last twelve years.
OEP will continue to make direct investments for JPMorgan Chase for an interim period. OEP will still manage the existing group of portfolio companies for the bank to maximize value for the firm.
'I have worked with the team at OEP for the past 12 years and have a lot of respect for all that they have accomplished and the great value they have delivered to the firm', said Jamie Dimon, Chairman and CEO of JPMorgan Chase. 'Going forward, I am confident they will continue to be extremely successful'.
'The One Equity team has produced strong returns over the years and we have been extremely pleased with their results', said Matt Zames, Chief Operating Officer of JPMorgan Chase. 'They have helped grow some great companies. The time is right for them to seek new capital to strengthen their global strategy, as they continue to manage our existing portfolio to maximize value to the firm', Zames added.