JPMorgan is targeting $750 million for an Asia-focused fund of funds, according to documents filed with the Securities and Exchange Commission. JPMorgan Asia Private Equity Fund has collected $21.5 million as of 14 June, the filing said.
The fund is being raised by JPMorgan Asset Management’s private equity group that runs direct investment and private equity fund of funds, a separate division from One Equity Partners, the bank’s in-house private equity arm that invests off JPMorgan’s balance sheet. JPMorgan Asia Private Equity Fund’s directors listed on the filing include Kenneth Beer, Maurice Maertens and John Carroll.
JPMorgan late last year settled a dispute with Varun Bery, former managing director and head of JPMorgan Private Capital Asia, a proprietary fund of JPMorgan and part of the bank's private equity principal investments business in New York.
Bery sued the bank in Hong Kong in 2010 for breaching an agreement that if the bank terminated his employment, Bery would be entitled to form a spin-out and take with him at least 70 percent of the private equity team, according to a Bloomberg report. In April 2010, Bery filed a claim to a Hong Kong court, accusing JPMorgan of refusing to honour this spinout agreement after the termination of his employment in November 2009.
JPMorgan Private Capital Asia invests across the consumer, retail and natural resources sectors, with a focus on minority investments.