Fortress Transaction Update

RNS Number : 2648I

J.P. Morgan Private Equity Ltd

08 December 2015

 

J.P. Morgan Private Equity Limited                                                                                   

Carinthia House

9-12 The Grange

St Peter Port

Guernsey GY1 4BF

www.jpelonline.com

Notice to Shareholders - Fortress Transaction Update

*          *          *

·        JPEL Board has been informed that affiliates of J.P. Morgan Asset Management and Fortress Investment Group have entered into definitive agreements regarding the transfer of the investment management team led by Troy Duncan and Greg Getschow

·        Existing JPEL investment management contract with J.P. Morgan Asset Management will be terminated, and JPEL will enter into a new investment management contract with Fortress Investment Group

·        Entire management team responsible for JPEL will move from J.P. Morgan Asset Management to Fortress Investment Group

·        No change in underlying investment management responsibilities for JPEL as Troy Duncan and Greg Getschow will remain as sole investment committee members

·        No change in underlying investment process or strategy as investment team is unchanged. 

·        The JPEL shares held by J.P. Morgan Asset Management will be transferred to funds managed by Fortress Investment Group.

·        JPEL expects to sign a new Investment Management Agreement with FIG before the effective date which is expected to be similar to the existing management agreement in all material aspects. 

 *         *          *

GUERNSEY, 8 DECEMBER 2015

Further to J.P. Morgan Private Equity Limited's ("JPEL" or the "Company") announcement on 27 October 2015 regarding the spin-out involving the investment management team led by Troy Duncan and Greg Getschow and transition of investment management of JPEL from J.P. Morgan Asset Management ("JPMAM") to an affiliate of Fortress Investment Group LLC ("FIG"), the Company has now been notified that JPMAM has now signed definitive agreements with FIG (the "Fortress Transaction").  

The Fortress Transaction is subject to various conditions being fulfilled by JPM and FIG and is expected to take effect during the first quarter of 2016.  JPEL expects to sign a new Investment Management Agreement with FIG before the effective date which is expected to be similar to the existing management agreement in all material aspects.  

As part of the Fortress Transaction, the investment management team that has been responsible for managing JPEL since its inception in 2005 led by Troy Duncan and Greg Getschow, will transition from JPMAM to the credit business of FIG.      

Further information regarding the Fortress Transaction will be made available in due course.

*        *             *

For further information please contact:

J.P. Morgan Private Equity Limited

Greg Getschow 

[phone]

[e-mail] 

Rosemary DeRise / Samantha Ladd

[phone] / [phone] 

[e-mail] / [e-mail]

About J.P. Morgan Private Equity Limited

J.P. Morgan Private Equity Limited ("JPEL" or the "Company") is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL, JPSZ) with USD 555 million of net assets as at 30 September 2015.   The Company's capital structure consists of two classes of shares: US$ Equity Shares and one class of Zero Dividend Preference Shares due 2017.  The Company was acquired by J.P. Morgan as part of its acquisition of Bear Stearns in 2008 and is not part of J.P. Morgan Asset Management's Investment Trust business.  

 

END

 

 

MSCLLFVRFSLDIIE