JPMorgan Chase & Co. is going to spinoff its private equity unit, JPMorgan Partners, LLC (JPMP), into an independent entity when it completes the investment of its current $6.5 billion Global Fund.

The independent unit will retain portfolio management responsibility for the Global Fund and heritage JPMorgan Partners investments. In addition, JPMorgan Chase & Co. has committed to invest 24.9%, up to $1B, in a new fund that the independent firm plans to raise as a successor to the current Global Fund.

JPMorgan Partners Asia will continue to raise a second fund and will be associated with the new independent private equity firm. One Equity Partners, the heritage Bank One private equity arm, will continue to operate as a separate fund subject to JPMorgan Chase's obligations to the JPMP Global Fund. Upon completion of the Global Fund, One Equity Partners will become the sole private equity investment vehicle for JPMorgan Chase & Co.

Source: The official Press Release