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JP Morgan Private Equity closes on $50m of secondary direct deals

1 May 2014

London-listed investment vehicle JP Morgan Private Equity Limited (JPEL) is looking to commit up to $50m on two imminent deals.

Currently undergoing due diligence, the deals could be completed within the next “two to three months”, it said.

The fund has a target of allocating $150m by the close of 2015, in secondary direct deals or concentrated private equity LP positions. It has committed $50m across four investments since December 2013.

In December, JPEL invested approximately $14m in a US-based tax advisory services firm, while in February it invested a combined 21m in animal identification company Datamars and Asian handset distributor Placid Holdings. In April, JPEL participated in a syndicate of global investors led by Arle Capital to acquire Innovia Group from the Candover 2001 Fund. JPEL invested approximately $14m in the deal.

Should these two latest investments close, JPEL will have deployed approximately half of its $150m investment target, it said.

In January of this year, JPEL announced a strategic update, which included plans to maximize net asset value through greater emphasis on JPEL’s existing post-credit crisis investment strategy. As part of this update, JPEL announced that it would cease dividend and capital distributions to US$ Equity Shareholders and continue its post-credit crisis investment strategy and will seek to invest $150 m in secondary direct deals or concentrated private equity LP positions.

Its goal is to create concentrated portfolio to improve ability to “assess risk and to increase transparency on underlying portfolio”, it said. At the end of the investment period in December 2015, JPEL expects that its top 30 company positions will comprise the majority of its total net asset value.

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