JP Morgan Private Equity to raise up to $100m

London-listed specialist secondary investor JP Morgan Private Equity Limited (JPEL), formerly Bear Sterns Private Equity, plans to raise between $50-100m to take advantage of opportunties in the secondaries space.

JPEL's board approved the plans to issue as many as 100 million new shares at a price of $1 each on 15 June. The shares will be offered to existing investors first, and then to new investors through a private placement.

It is expected that the proceeds will be used to snap up bargains in the secondary markets later this year, after other investors are forced to sell out at a discount to raise cash.

If no investment opportunities arise, the cash could also be used to repay JPEL's $100m credit facility.

Shares in JPEL were down 45% from their 52-week high to 97 pence.

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