JPMorgan Brazilian P.E. Unit Set To Close Fund At More Than US$1 Billion

Jul 18 2014 | 1:02pm ET

JPMorgan Chase’s Brazilian private-equity arm is set to close its fifth fund with at least US$1 billion in commitments.

Gávea Investimentos will hold a final close on the fund by the end of this month, The New York Times reports. The vehicle is expected to garner between US$1 billion and US$1.2 billion.

Gávea is closing the fund following a difficult year for Brazilian p.e. and venture capital firms, which raised 35% less in 2013 than in 2012. All told, the industry garnered just US$2.4 billion last year—less than the combined size of Gávea’s new fund and a US$1.5 billion fund being raised by Patria Investments.

Still, Gávea is settling for less both than its fourth fund raised—US$1.9 billion in 2011—and the US$1.5 billion it had targeted last June. It also took longer to raise less; a source familiar with the fundraising told the Times that “it was a harder sell.”

JPMorgan bought Gávea in 2010.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.