JPMorgan Chase & Co's alternative investments unit is seeking to raise up to US$10 billion to boost its spending power in the face of the coronavirus pandemic, Bloomberg News reported on Monday.
FILE PHOTO: A woman passes by a JPMorgan Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File PhotoREUTERS: JPMorgan Chase & Co's alternative investments unit is seeking to raise up to US$10 billion to boost its spending power in the face of the coronavirus pandemic, Bloomberg News reported on Monday.
The bank plans to raise US$5 billion to US$10 billion"in the next couple of months" from clients including pension funds, sovereign-wealth funds, family offices and private banks, Anton Pil, the global head of alternatives for the bank's asset-management arm, told Bloomberg in an interview.The biggest U.S. bank by assets already has about US$10 billion of client capital that it plans to use on opportunities created by the market disruption, Bloomberg said.
That amount has roughly US$3 billion earmarked for credit, US$3 billion for real estate and US$4 billion across transportation and infrastructure, the report added.
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