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Laxman Pai, Opalesque Asia: Global investment management giant J.P. Morgan Asset Management (JPMAM) is launching a new initiative to provide capital to diverse emerging alternative managers, including minority- and women-owned venture capital and other private markets funds.
According to a press release from the asset manager the new initiative, named Project Spark, will begin with a total of $25 million in investments in five or more such funds.
Project Spark is governed by a newly established investment committee comprised of diverse senior executives across JPMAM.
"Despite increasing dialogue across the alternative investment industry on the need for more diverse managers, there is still a long way to go, which is why we are committed to making a difference by providing capital to diverse emerging managers through Project Spark," said Jamie Kramer, Head of J.P. Morgan Asset Management's Alternatives Solutions Group and the chair of the Project Spark Investment Committee.
"Through our investments in funds managed by women and diverse managers, we're not only providing a capital commitment but also seeking to create a network between our newly established Project Spark investment committee and the diverse managers in which we invest," Jamie added.
"We strongly believe it's critical to take steps to promote diversity across alternatives, and through Project Spark, we will look to leverage our 50-year track record in alternatives to selectively...................... To view our full article Click here
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