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JPMorgan signs agreement to sell One Equity Partners

BBR Staff Writer Published 12 August 2014

Lexington Partners and AlpInvest Partners have signed a definitive agreement to acquire half of JPMorgan Chase’s stake in its principal private equity business, One Equity Partners (OEP).

Under the terms of agreement, OEP professionals will form a new private equity investment advisory firm, OEP Capital Advisors (OEPCA), and become independent from JPMorgan, following transaction.

Apart from the portfolio being sold by JPMorgan, OEPCA will also manage the investments being retained by the company.

Lexington Partners managing partner Brent Nicklas 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."

Founded in 2001, One Equity was originally integrated into Chicago-based Bank One, and was inherited by JPMorgan as part of its 2004 acquisition of Bank One.

Kept as in-house buyout arm, One Equity has to date managed about $14bn in total investments and committed capital for JPMorgan, as reported earlier by RTT News.

The transition, whose terms remain undisclosed, is expected to complete by the end of 2014.