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Lexington, AlpInvest take on half of JP Morgan’s One Equity PE portfolio

12 Aug 2014

passion-fruit-1152197-mLexington Partners has teamed up with The Carlyle Group’s secondaries offshoot AlpInvest Partners to buy approximately 50 per cent of the portfolio companies held by JP Morgan Chase’s PE arm One Equity Partners.

Staff at One Equity will become independent from JP Morgan and form new investment advisory firm OEP Capital Advisors (OEPCA) as part of the deal.

OEPCA will manage the portfolio being sold by JP Morgan as well as investments set to be retained by the US banking giant.

One Equity’s total portfolio was reported to be worth $4.5bn when news of the sale first broke last month.

AlpInvest managing director Tjarko Hektor said, “We view this as a great opportunity to partner with one of the industry’s leading private equity firms.”

The sale is expected to be completed by the end of this year.

JP Morgan announced last summer that it planned to spin off One Equity as it was not a core unit of the bank. In July this year, chief executive James Dimon said that the bank might not sell all of its interests in One Equity’s funds.

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