Firm: JPMorgan Chase & Co
Fund: JPMorgan Digital Growth Fund II
Amount raised: $1.05 billion
Placement Agent: JPMorgan Securities LLC
JPMorgan disclosed $1.05 billion raised from 486 investors for JPMorgan Digital Growth II, with a minimum investment of $250,000 and a date of first sale of June 19, according to a Form D amendment. The document also said about $6.1 million had been paid in sales commissions. The filing came after a July 21 Form D amendment that disclosed $968 million in commitments. The documents did not indicate a fundraising target for the pool.
Larry Unrein, portfolio manager and head of the firm’s Private Equity Group, oversees the management of approximately $25 billion, including the JPMorgan Digital Growth Fund, according to his profile on the bank’s website and a person familiar with the firm. A 16-year veteran of JP Morgan, Unrein previously worked with AT&T Investment Management Corp.
The latest Form D amendment for JPMorgan Digital Growth Fund II included entries for Trident Fund Services Inc, along with Trident executives Brian Visel and Dan Smith as persons related to the fund. Executives at Trident Fund Services, which is a fund administration firm based in Atlanta, did not return a phone call or email from Buyouts.
In addition, JPMorgan Digital Growth Fund Offshore Special II LP, disclosed $488.7 million raised via 323 investors, according to a separate Form D filing. It is not clear if that figure is part of the $1.05 billion in the domestic fund or in addition to that sum.
The latest fund comes after JPMorgan Digital Growth Fund raised more than $1.2 billion in 2011. That pool listed legal and management services firm Walkers Corporate Services as a related entity.
JPMorgan Digital Growth fund is listed as one of a group of JPMorgan Chase affiliates that collectively owned 9 percent of Twitter Inc after the firm went public in November 2013, according to the IPO prospectus for the social media firm. The Financial Times reported in 2011 that JPMorgan Digital Growth Fund planned to take a 10 percent stake in Twitter.
A spokeswoman for JPMorgan Chase declined to comment.
(This story has been updated to include the name of the JPMorgan executive who oversees private equity investments.)