Combined with the bank match of $3 for every $1 raised, JP Morgan Global Investors now has at least $6.8 billion of buying power, making this the largest pool of private equity capital in a single fund, according to a Reuters report.
Additional contributions could raise total buying power to as much as $8 billion.
However, the $1.7 billion raised is only one-third of the total amount targeted for the Fund. Regulatory filings in early 2001 had projected the partnership to raise as much as $5 billion for the Fund. Added to bank match estimates, the Fund was projected to have a total buying power of $13 billion.
“That was a different fund-raising environment in the first quarter of 2001,” said one bank official.