JP Morgan Raises $1.2 Billion For Digital Growth Fund
J.P. Morgan Chase & Co. has quickly rounded up $1.2 billion for a new digital-growth fund, furthering Wall Street’s bold push to capture stakes in fast-growing private tech companies such as Facebook Inc. and Twitter Inc.
According to a regulatory filing, J.P. Morgan’s asset management unit raised $1.22 billion for a fund called J.P. Morgan Digital Growth Fund LP. That’s about double the amount reported last week by The Wall Street Journal, which, citing anonymous sources, stated the firm planned to raise between $500 million and $750 million for a digital-media fund to invest in Internet and digital-media companies.
Darin Oduyoye, a spokesman for J.P. Morgan’s asset management unit, declined to comment. A man who answered a phone call at the number listed on the filing said we had the wrong number, and a second call went into his voicemail.