Private Equity News & Analysis

CCMP on the road with $3.5bn fund

The former buyout arm of JP Morgan is in the process of raising a global fund, its first as an independent entity, which reports suggest could target as much as $3.5 billion.

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CCMP, the former buyout arm of US bank JP Morgan, is raising a global fund, according to someone close to the company. It will be its first fund since spinning out of JP Morgan in August 2006.

The buyout firm declined to comment on fundraising, but according to UK newspaper The Times the fund will be targeting $3.5 billion (€2.6 billion). CCMP had wanted to raise more, it reported, but given market conditions it decided to cap the fund at its original target.

According to the New Zealand-based National Business Review, CCMP and Teachers’ Private Capital have recently reduced a bond issue for Yellow Pages New Zealand, a business the two buyout firms acquired earlier this year for NZ$2.165 million. The issue has been cut from its original target of NZ$300 million ($211 million, €154 million) to NZ$100 million, with the possibility of NZ$50 million in oversubscriptions.
 
CCMP declined to comment.