J.P. Morgan Asset Management launched J.P. Morgan Private Capital, which includes a new growth equity investment arm and the firm’s existing private debt business. The group will be focused on institutional and high-net-worth clients and will also have the ability to invest the firm’s capital alongside investors.
Brian Carlin, previously CEO of wealth management solutions at J.P. Morgan, will lead J.P. Morgan Private Capital as CEO, with Rick Smith, former head of private investments at JPMorgan Chase, serving as chairman and Meg McClellan, former CFO of J.P. Morgan Asset Management, serving as the head of private debt.
The firm also hired Christopher Dawe from Goldman Sachs as managing partner and global head of growth equity to lead the technology and consumer growth equity business. During his time at Goldman Sachs, Dawe spent 15 years investing in private companies and co-headed the venture capital and growth equity business within Goldman Sachs Investment Partners. He made investments in Spotify, Plaid, Ring, Pinterest, Compass, Uala and Built Technologies, among other companies.
In addition, Osei Van Horne joined J.P. Morgan Private Capital as managing partner, portfolio manager and global head of sustainable growth equity investing to lead investments across industries, with an initial focus on climate action and inclusive economic growth. Van Horne joined from Wells Fargo, where he co-founded the technology growth equity practice. He made previous investments in Flexport, Notarize, BMC Software and Industrious, among other companies. In 2020 and 2019, Van Horne was named as one of the top 50 global principal investors by Global Corporate Venturing.
The investment platform will sit within J.P. Morgan Asset Management’s $168 billion Global Alternatives franchise and will report to Anton Pil, global head of alternatives for J.P. Morgan Asset Management. The platform includes a private debt business, led by McClellan, which currently manages $15 billion in assets across corporate and asset-based lending strategies. In addition, McClellan will lead J.P. Morgan Private Capital’s efforts to build out a new direct lending business, which will focus initially on middle-market corporate direct lending across North America.
The new unit will tap into the continued growth of private markets and pre-IPO value creation opportunities across a range of asset classes and sectors, including consumer, technology and sustainable growth equity investing, as well as middle-market direct lending strategies.
“J.P. Morgan Private Capital will harness JPMorgan Chase’s unparalleled scale, network and resources to deliver a best-in-class growth equity and private debt investment platform,” Mary Erdoes, CEO of J.P. Morgan Asset and Wealth Management, said. “By combining our debt and equity capabilities, we are ideally positioned to help companies and clients from around the globe access liquidity and investment opportunities across capital markets.”
“Growth equity and private debt are among the fastest-growing asset classes in the alternatives industry, with strong demand from both individual and institutional investors to look beyond public markets,” Carlin said. “We are committed to establishing long-term relationships with innovative private companies, and J.P. Morgan Private Capital is focused on creating discernable value for these companies across their lifecycle.”
“The launch of J.P. Morgan Private Capital reflects the increasing client demand for alternative asset classes and our focus on providing clients with new opportunities to enhance portfolio returns through private markets,” Pil said. “We look forward to continuing to expand our capabilities across the Global Alternatives franchise in the coming months to meet client needs and seize market opportunities.”