UPDATE: JP Morgan Chase Says One Equity Partners Will Become Independent

JPMorgan Chase

announced today that the partners of One Equity Partners (OEP), the firm's private equity unit, will begin to raise their next fund from an external group of limited partners and become independent from JPMorgan Chase. One Equity Partners currently manages approximately $4.5 billion of investments for JPMorgan Chase in direct private equity transactions and has produced strong returns over the last twelve years. OEP will continue to make direct investments for JPMorgan Chase for an interim period. OEP will still manage the existing group of portfolio companies for JPMorgan Chase to maximize value for the firm.