JPMorgan plans to raise up to $10 billion for alternative investments: Bloomberg News
FILE PHOTO: A woman passes by a JPMorgan Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – JPMorgan Chase & Co’s (JPM.N) alternative investments unit is seeking to raise up to $10 billion to boost its spending power in the face of the coronavirus pandemic, Bloomberg News reported on Monday.
The bank plans to raise $5 billion to $10 billion “in the next couple of months” from clients including pension funds, sovereign-wealth funds, family offices and private banks, Anton Pil, the global head of alternatives for the bank’s asset-management arm, told Bloomberg in an interview.
The biggest U.S. bank by assets already has about $10 billion of client capital that it plans to use on opportunities created by the market disruption, Bloomberg said.
That amount has roughly $3 billion earmarked for credit, $3 billion for real estate and $4 billion across transportation and infrastructure, the report added.
JPMorgan did not immediately respond to a request for comment.
Reporting by Bharath Manjesh in Bengaluru; Editing by Aditya Soni