JPMorgan Is Said to Target $250 Million for Distressed Debt Bets

(Bloomberg) -- JPMorgan Chase & Co.'s asset management division aims to raise $250 million from external investors for a new special situations group, according to a person familiar with the matter.

The company plans to hit the target before July, said the person, who isn't authorized to talk about it and asked not to be identified. Subsequent fundraising rounds may follow, the person said. The special situations business is run by former JPMorgan credit bankers Leander Christofides, based in London, and Brad Demong, who is in New York.

A spokeswoman for JPMorgan Asset Management declined to comment on the plans.

The unit was formed last year as part of the asset manager's efforts to expand its offering in private credit, which can offer larger returns than traditional bond markets. Special situations investing often focuses on companies under financial stress.

To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.net.

To contact the editors responsible for this story: Abigail Moses at amoses5@bloomberg.net, Chris Vellacott

©2018 Bloomberg L.P.