Group Led by Lexington Partners to Acquire Portion of JPMorgan Chase's Interests in One Equity Partners
August 11 2014 - 4:14PM
Business Wire
One Equity Partners to become independent from
JPMorgan Chase
Lexington Partners (“Lexington”) together with AlpInvest
Partners (“AlpInvest”) announced today that they have entered into
a definitive agreement to acquire JPMorgan Chase’s interests in
approximately 50% of the portfolio companies currently held by One
Equity Partners (“OEP”), JPMorgan Chase’s principal private equity
unit. Terms of the transaction, which is expected to close by
year-end, were not disclosed.
The OEP professionals will form a new private equity investment
advisory firm, OEP Capital Advisors, L.P. (“OEPCA”), and become
independent from JPMorgan Chase once the sale is completed. OEPCA
will manage the portfolio being sold by JPMorgan Chase, as well as
the investments being retained by JPMorgan Chase.
“Lexington is pleased to partner with One Equity Partners to
acquire a significant portion of JPMorgan Chase's interests, and to
support the future investment activities of the OEP team,” said
Brent Nicklas, Managing Partner of Lexington Partners.
"We view this as a great opportunity to partner with one of the
industry’s leading private equity firms,” said Tjarko Hektor,
Managing Director of AlpInvest Partners.
“We look forward to delivering great long-term value to these
two leading alternative investment management firms,” said Richard
M. Cashin, Chairman and Chief Executive Officer of One Equity
Partners. “We also thank JPMorgan Chase for their partnership and
support of many years, enabling us to build the business we have
today."
The transaction is not expected to have a material impact on
JPMorgan Chase’s earnings. J.P. Morgan advised on the sale.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE:JPM) is a leading global
financial services firm with assets of $2.5 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Lexington Partners
Lexington Partners is a leading global alternative investment
manager primarily involved in providing liquidity to owners of
private equity and in making co-investments alongside leading
private equity sponsors. Lexington Partners is the largest
independent manager of secondary acquisition and co-investment
funds with more than $28 billion in committed capital. Lexington
also invests in private investment funds during their initial
formation and has committed to new funds in the U.S., Europe, Latin
America, and the Asia-Pacific region. Lexington has offices
strategically located in major centers for private equity and
alternative investing – New York, Boston, Menlo Park, London, and
Hong Kong. Additional information may be found at
www.lexingtonpartners.com.
About AlpInvest Partners
AlpInvest is a global private equity investor with US$52 billion
of assets under management as of March 31, 2014. AlpInvest’s
activities cover a broad range of private equity investing,
including Primary Fund commitments, Secondary purchases and
Co-Investments. The firm’s investments span the full spectrum of
private equity, including buyouts, venture capital, growth capital,
mezzanine, and distressed. AlpInvest manages programs for a number
of institutional investors globally. www.alpinvest.com
For JPMorgan Chase:J.P. MorganBrian Marchiony,
+1-212-270-7433brian.j.marchiony@jpmorgan.comorFor
Lexington:Lexington PartnersRebecca John,
212-754-0411rajohn@lexpartners.comorFor AlpInvest:AlpInvest
PartnersEmily-Jane Finigan,
+1-212-332-6403emily-jane.finigan@alpinvest.com
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