JP Morgan AM readies to launch first private credit interval fund
JP Morgan Asset Management is preparing to launch its first interval fund, focused on private credit.
The asset manager has registered a new credit markets fund with the US Securities and Exchange Commission (SEC), that will be open to the wealth market.
The filing, made on Friday, says the fund will “invest in an actively managed portfolio of credit investments, including but not limited to loans, bonds, other credit instruments, collateralised debt obligations, collateralised loan obligations, asset-backed securities, credit-linked notes or other structured finance securities”.
It will implement various investment types, including investments in portfolio funds, co-investments or primary investments and structured finance securities. The allocation among those types of investments and other investments may vary over time.
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To manage the liquidity of its investment portfolio, the fund will invest a portion of its assets in a portfolio of short-term debt securities, money market securities, mutual funds or exchange-traded funds, as well as cash.
It is a closed-end interval fund, requiring the fund to offer to repurchase at least five per cent and up to 25 per cent of its shares at NAV on a quarterly basis.
For each quarterly repurchase offer, the fund currently expects to offer to repurchase up to five per cent of its outstanding shares at NAV.
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JP Morgan head of investments product development Glenn Hill, is the registered trustee of the fund, according to the filing. No other individuals were named in connection with managing the fund.
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Asset managers have been increasingly targeting individual investors for their private credit offerings, as a way of diversifying their sources of funding amid a challenging fundraising environment.
