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Alternative Market Briefing

JP Morgan Asset Management beats target, closes special situations fund on $1bn+

Tuesday, October 29, 2019

Bailey McCann, Opalesque New York:

J.P. Morgan Asset Management, the investing arm of J.P. Morgan has closed its debut special situations fund on $1.06 billion. The Lynstone Special Situations Fund beat its $750 million target. Lynstone is part of its alternative investments platform.

J.P. Morgan AM said that the fund has a wide range of institutional and individual investors. More than half of investors are first-time investors in a J.P. Morgan Alternatives fund.

Lynstone will invest in stressed, distressed and event driven situations across North American and European private and public credit markets. The fund has a flexible mandate and will invest across the capital structure to take advantage of opportunities as they arise.

A number of firms have announced special situations funds in recent weeks as sponsors prepare for a potential economic correction. Earlier this month, KPS Capital Partners closed their fifth special situations fund at the $6 billion hard-cap after just four weeks in market. KKR is currently targeting $1.5 billion for its third special situations fund.

J.P. Morgan AM said in a statement that by adding special situations to its list of strategies it would be well positioned to take advantage of any future downturn. "In the current late-cycle market, we see significant investment opportunities in both the North American and European private credit markets, including providing bespoke solutions to companies in need of liquidity or cap......................

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