JP Morgan taps USD2.4 billion for special sits fund as opportunity set in distressed picks up

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JP Morgan Asset Management has closed its new European and North American special situations investing fund at the oversubscribed total of USD2.4 billion, underlining the growing appetite among investors for the expanding opportunity set in distressed and stressed investing in the major economies as a result of recent financial market volatility and the challenging global macro-economic and geo-political climate.

 

The firm announced the final closing of its Lynstone Special Situations Fund II this week, with capital raised from a broad set of institutional investors comprising pension funds, insurance companies, foundations, endowments, and wealth managers across the Americas, Europe, Australia, and Asia.

 

Lynstone Fund II will target stressed, distressed, and event-driven situations in European and North American private and public markets across the capital structure, where underlying assets are potentially discounted due to illiquidity or market disruption and where an event or catalyst has the strong potential to drive a positive total return.

 

The new vehicle, which surpassed its USD2 billion fundraise target, represents the second fund from JP Morgan Asset Management's USD3.5 billion Global Special Situations (GSS) team led by co-CIOs Leander Christofides and Brad Demong.

 

The GSS team operates as part of JP Morgan Global Alternatives, the group’s USD218 billion alternative investment platform spanning real estate, infrastructure, transportation, timber, hedge funds, private equity, private credit, and liquid alternatives.

 

Operating from offices throughout the Americas, Europe and Asia-Pacific, JP Morgan Global Alternatives has more than 50 years of experience as an alternative investment manager and employs more than 700 professionals.

 

“We believe that GSS is well positioned to invest dynamically in market-driven and bespoke private market investments globally to drive strong returns for our investors,” said Demong. Christofides added: “We are delighted that so many of our existing investors continue to partner with us. We welcome our new investors and their support for our investment approach and our ability to deliver performance through the cycle.”

 

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