JPMorgan Chase has agreed to sell interests in approximately 50% of the portfolio companies currently held by its private equity unit, One Equity Partners (OEP) to two investment firms including Lexington Partners and AlpInvest Partners.
The transaction is expected to be completed by year-end. Financial terms of the deal have not been disclosed.
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As part of the agreement, the OEP professionals will form a new private equity investment advisory firm called OEP Capital Advisors (OEPCA) and become independent from JPMorgan Chase.
Following the deal, One Equity Partners will become an independent firm, managing the investments owned by Lexington and AlpInvest as well as the investments retained by JPMorgan.
The sale of One Equity Partners will not have any material impact on JPMorgan’s earnings.
Brent Nicklas, managing partner of Lexington Partners, said: "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."
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By GlobalDataRichard Cashin, chairman and CEO of One Equity Partners, said: "We also thank JPMorgan Chase for their partnership and support of many years, enabling us to build the business."
