JPMorgan collects $598m for secondaries

The Private Equity Group is nearing the $780m it raised for secondaries in 2009.

JPMorgan’s asset management division has raised about $598 million for investments in the secondaries market, according to documents filed with the US Securities and Exchange Commission. 

The target amount for the fund was not included in the filing. 

JPMorgan’s previous secondaries fund raised $780 million in 2009. JPMorgan’s Private Equity Group, led by managing director Larry Unrein, is separate from the bank’s private equity unit that invests from JPMorgan’s balance sheet. 

Secondaries funds continue to attract significant interest from limited partners, as Goldman Sachs closed on $2.27 billion for its sixth secondaries fund and Adams Street Partners collected $1 billion for the strategy last month. AlpInvest has also made strong progress with its latest secondaries fund.

However, activity in the secondaries market is down significantly year over year. The secondary market reached peak levels of around $25 billion consecutively in 2011 and 2012, but has not seen the same pace of deal activity so far, setting up 2013 for what could be a sluggish year if the current trend continues. Cogent reported deal volume of about $3 billion during the first quarter of 2013. 

JPMorgan’s asset management division manages more than $9 billion of capital for institutional investors.