largest U.S.nintendonftJPMorgan Chase is looking to buy a private equity firm, further reaching into one of the hottest banks on Wall Street.nintendonftin order to expand its scale 3nintendonft.6 trillion dollar asset management department.
People familiar with the matter said JPMorgan Chase's asset management department is looking for a private equity credit firm to strengthen its private equity business. People familiar with the matter, who spoke on condition of anonymity because of private discussions, said the company had already held talks with Monroe Capital in Chicago this year, but the two sides ultimately decided not to move forward.
Spokespersons for JPMorgan Chase and Monroe declined to comment.
In recent years, all parties have discussed the scale of 1nintendonftInterest in the $.7 trillion private sector has soared. Alternative asset giants such as Ares Management Corp. and Apollo Global Management Inc. are pouring money into increasingly larger deals. Other investors, as well as banks themselves, are also keen to increase their bets.
JPMorgan's asset management arm is looking to expand its private equity credit business. The department manages money for the wealthy and for institutions including endowments and pension funds. As of the end of last year, the unit managed $17 billion in private equity credit assets, which is below Monroe's nearly $19 billion in committed and managed capital as of April 1.
A person familiar with the matter said the acquisition would help JPMorgan's asset management department grow rapidly, but the company may eventually decide to promote endogenous growth in its private equity credit business.