JP Morgan PE buys back shares

The fund-of-funds has acquired around $650,000 worth of its own shares this month.

It is expected the move will increase its share price and reduce its discount, which currently sits at around 40%.

Listed private equity funds have been subject to large discounts to NAV in recent months as their share prices have failed to recover in line with the broader stock market. Some funds have engaged in share buybacks while others have increased dividends in a bid to cut their discounts.

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• JP Morgan