J.P. Morgan to buy Arch cru assets

J.P. Morgan's Private Equity Limited fund of funds has moved to snap up assets from the former Arch cru portfolios in a deal worth £56.5m.

The board of J.P. Morgan's Private Equity vehicle said in a statement it is buying assets from the Private Equity (PE1) IC cell, as well as from SPL Private Equity (PE2) and SPL Integrated Finance. J.P. Morgan Private Equity - a Guernsey-based closed ended fund of funds listed on the London Stock Exchange - will pay £36.7m in US dollar equity shares issued at its NAV price for the assets. The remaining £19.8m given to the former Arch cru cells will be in the form of zero shares in the J.P. Morgan vehicle. The zeros will give the cells a stake in J.P. Morgan Private Equity, while th...