Alt Investments

JP Morgan AM Launches "Evergreen" US Fund

Editorial Staff 11 October 2023

JP Morgan AM Launches

The fund is an example of a shift in the way private market assets are held, favoring an open-ended structure that avoids, so advocates say, complexities and liquidity issues around capital calls, defined exit dates, and more.

JP Morgan’s asset management group has launched a private markets fund that takes an “evergreen” form open for qualified and accredited clients, as defined under US regulations.

Investors can enter the fund for at least $25,000. There are no capital calls, and there is a potential for quarterly liquidity, JP Morgan Asset Management said. 

The fund is available on select private bank and custodial platforms and its availability will be expanded in 2024, the US firm said in a statement.

Evergreen funds, also known as perpetual funds, or “perps,” are open-ended fund structures with no termination date. They can recycle capital from realized returns and aren’t bound by the same time constraints as other private market investment vehicles. (See stories from Hamilton Lane and Blackstone, here and here.)

The firm’s private equity group oversees a total of $30 billion in assets under management.

"The launch of JPMF aligns with our long-term vision to lead the global democratization of alternatives, building on our offerings across real estate, real assets, hedge funds and liquid alternatives," Anton Pil, global head of alternatives, JP Morgan Asset Management, said. "Private equity has traditionally been difficult for individuals to access, so we're thrilled to deliver our institutional-grade private equity investment expertise to this investor base through JPMF."

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