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J.P. Morgan Asset Management Launches Growth Equity Platform as Part of J.P. Morgan Private Capital

June 08, 2021, 07:56 AM
Filed Under: Industry News

J.P. Morgan Asset Management announced the launch of J.P. Morgan Private Capital, which includes a new growth equity investment arm and an existing private debt business, committed to providing customized solutions for early and growth stage companies across the capital structure. The group will be focused on institutional and high-net-worth clients and will also have the ability to invest the firm's capital alongside investors.

J.P. Morgan Private Capital will be led by Brian Carlin, previously CEO of Wealth Management Solutions at J.P. Morgan, with Rick Smith, former Head of Private Investments at JPMorgan Chase, serving as Chairman of the group, and Meg McClellan, serving as the Head of Private Debt.  

The firm is also pleased to announce the hiring of Christopher Dawe from Goldman Sachs as Managing Partner to lead the technology and consumer growth equity business. During his time at Goldman Sachs, Mr. Dawe spent 15 years investing in private companies and co-headed the Venture Capital and Growth Equity business within Goldman Sachs Investment Partners. His investments have included Spotify, Plaid, Ring, Pinterest, Compass, Uala and Built Technologies, among other companies.

In addition, Osei Van Horne joins J.P. Morgan Private Capital as Managing Partner to lead investments across industries with an initial focus on climate action and inclusive economic growth. Mr. Van Horne joins from Wells Fargo where he co-founded the technology growth equity practice. His previous investments have included Flexport, Notarize, BMC Software and Industrious, among other companies. In 2020 and 2019, Mr. Van Horne was named as one of the top 50 global principal investors by Global Corporate Venturing. (Full biographies included below.)

The investment platform will sit within J.P. Morgan Asset Management's $168 billion Global Alternatives franchise, reporting to Anton Pil, Global Head of Alternatives. The platform includes a robust Private Debt business, led by Meg McClellan, which currently manages $15 billion in assets across corporate and asset-based lending strategies. In addition, Ms. McClellan will lead J.P. Morgan Private Capital's efforts to build out a new direct lending business focusing initially on middle-market corporate direct lending across North America.

As companies elect to remain private longer, many seek partners who can add significant value in addition to flexible capital solutions, and J.P. Morgan Private Capital will be well positioned as a preferred global partner for these firms. This new group will draw on the broader resources of J.P. Morgan to drive value in portfolio companies and will harness the firm's unique access to technology companies to inform investment ideas and gain insights into emerging and financial technologies.

The new unit will tap into the continued growth of private markets and significant pre-IPO value creation opportunities across a range of asset classes and sectors, including consumer, technology and sustainable growth equity investing, as well as middle-market direct lending strategies.

"J.P. Morgan Private Capital will harness JPMorgan Chase's unparalleled scale, network and resources to deliver a best-in-class growth equity and private debt investment platform," said Mary Erdoes, Chief Executive Officer, J.P. Morgan Asset & Wealth Management. "By combining our debt and equity capabilities, we are ideally positioned to help companies and clients from around the globe access liquidity and investment opportunities across capital markets."

"Growth equity and private debt are among the fastest-growing asset classes in the alternatives industry, with strong demand from both individual and institutional investors to look beyond public markets," said Brian Carlin, Chief Executive Officer, J.P. Morgan Private Capital. "We are committed to establishing long-term relationships with innovative private companies, and J.P. Morgan Private Capital is focused on creating discernable value for these companies across their lifecycle."

"The launch of J.P. Morgan Private Capital reflects the increasing client demand for alternative asset classes and our focus on providing clients with new opportunities to enhance portfolio returns through private markets," said Anton Pil, Head of Global Alternatives at J.P. Morgan Asset Management. "We look forward to continuing to expand our capabilities across the Global Alternatives franchise in the coming months to meet client needs and seize market opportunities."

J.P. Morgan Private Capital – Biographies

  • Richard Smith, Chairman, J.P. Morgan Private Capital – Prior to this role, Mr. Smith was Head of Private Investments at JPMorgan Chase, overseeing the firm's multi-billion portfolio of balance sheet investments in companies including 70 new strategic investments made in the last six years. Mr. Smith has 42 years of private investment experience and was a partner for 12 years at One Equity Partners, after 21 years of independent venture growth investing, most recently at Allegra Partners. He began his investing career at Citicorp Venture Capital, Ltd in 1979. Mr. Smith has been Chairman of six companies and a director of an additional 37 public and private companies across his career.
  • Brian Carlin, Chief Executive Officer, J.P. Morgan Private Capital – Mr. Carlin has been with J.P. Morgan for more than two decades, previously as CEO of Wealth Management Solutions. As part of his remit, Mr. Carlin managed the Global Alternatives Investment Team, overseeing more than $100 billion of client capital. Prior to these roles, Mr. Carlin was Asset & Wealth Management's CFO and Global Head of Investments for Global Wealth Management's more than $1.2 trillion in client assets under supervision.
  • Christopher Dawe, Managing Partner and Global Head of Growth Equity, J.P. Morgan Private Capital – Mr. Dawe joins from Goldman Sachs, where he was Co-Head of the Goldman Sachs Investment Partners Venture Capital and Growth Equity business.  Mr. Dawe spent the past 15 years focusing on Series B through pre-IPO investments across the consumer internet, enterprise software and financial technology sectors and has invested more than $3 billion in venture capital and growth equity transactions. His prior investments have included Spotify, Plaid, Ring, Pinterest, Compass, Uala and Built Technologies, among others. Prior to joining Goldman Sachs Investment Partners, Mr. Dawe worked within Goldman Sachs Principal Strategies, a proprietary investing arm within the firm, as well as the Investment Banking Division.
  • Osei Van Horne, Managing Partner and Portfolio Manager, Global Head of Sustainable Growdth Equity Investing, J.P. Morgan Private Capital – Mr. Van Horne has approximately 20 years of principal investing, operating and corporate finance experience. Prior to joining J.P. Morgan, Mr. Van Horne was a Managing Director and co-founder of the technology growth equity practice at Wells Fargo. Previously, Mr. Van Horne was a private equity investor with Goldman Sachs' Merchant Banking Division. In 2020 and 2019, he was named as one of the top 50 global principal investors by Global Corporate Venturing. His prior investments have included Flexport, Notarize, BMC Software, and Industrious, among other companies. In his new role, Mr. Van Horne will lead a number of thematic investing initiatives utilizing environmental, social and governance (ESG) frameworks, including Project Black, an initiative from J.P. Morgan Asset Management with Ariel Investments aimed at helping close the racial wealth gap by investing directly into minority-owned middle-market businesses.
  • Meg McClellan, Head of Private Debt, J.P. Morgan Private Capital – Ms. McClellan was appointed as Head of Private Debt in 2019. Prior to leading this growth initiative, she served as J.P. Morgan Asset Management CFO, responsible for the financial and strategic leadership of J.P. Morgan's $2.5 trillion Asset Management unit. Before serving as CFO, Meg spent the majority of her career in fixed income and derivatives trading, portfolio management and investments, with experience on both the buy side and the sell side, in New York, Chicago, and London.
  • Patrick McGoldrick, Partner, J.P. Morgan Private Capital – Prior to joining J.P. Morgan Private Capital, Mr. McGoldrick served as the Global Head of a private investment division within the Private Bank, with a particular focus on direct and co-investment opportunities in private companies. Previous to this, Mr. McGoldrick was a member of the Investment Bank on the Private Capital Markets team in San Francisco, where he was involved in all phases of private finance including origination, structuring, pricing and distribution with an emphasis on growth equity and PIPE financings across a wide range of industries, raising in excess of $10 billion in capital. Mr. McGoldrick has partnered with companies including Coupang, Peloton, Sweetgreen and Tempus.


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