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Family offices back JP Morgan fund raising $1.06bn

Family offices back JP Morgan fund raising $1.06bn

JP Morgan Asset Management has announced the final close of the Lynstone Special Situations fund at $1.06 billion.

The capital was raised from investors including family offices in Asia, Middle East, Europe and the Americas. Banks, insurance companies and endowments also chipped in. 

The fund, which surpassed its $750 million target, will invest in stressed, distressed and event-driven situations in North American and European public and private credit markets. 

Underlying assets can be picked up at a discount with illiquidity or market disruption, the manager noted. An event or catalyst could also drive returns.

Brad Demong, co-CIO for global special situations at JP Morgan Asset Management said: 'In the current late-cycle market, we see significant investment opportunities in both the North American and European private credit markets, including providing bespoke solutions to companies in need of liquidity or capital structure solutions.'

JP Morgan Global Alternatives, the manager's alternative investment unit, will manage the fund.

The unit offers real estate, infrastructure, transportation, liquid alternatives, hedge fund and private equity and credit strategies among others, from 18 offices around the globe.

It has 750 staff and $146 billion in assets under management as of 30 September. 

JP Morgan Asset Management, meanwhile, has $1.9 trillion in assets under management and clients including institutions and HNWIs.