Lexington Partners and AlpInvest Partners are acquiring J.P. Morgan Chase's interests in about 50% of the portfolio companies held by J.P. Morgan's private equity subsidiary, One Equity Partners, said Rebecca A. John, Lexington spokeswoman, in an e-mail.
Terms of the deal, which is expected to close by year-end, are not being disclosed.
One Equity Partners will spin out from J.P. Morgan Chase on the completion of the sale. One Equity Partners executives will form a new firm, OEP Capital Advisors. The OEP executives will manage the portfolio being sold to Lexington Partners and AlpInvest Partners as well as the assets being retained by J.P. Morgan Chase, a joint news release said.
Emily-Jane Finigan, spokeswoman for AlpInvest Partners, a subsidiary of alternative investment firm Carlyle Group; and Gregory A. Roth, vice president of media relations at J.P. Morgan, could not be reached by press time.