J.P. Morgan Asset Management said that it has closed its Lynstone Special Situations Fund II (Lynstone Fund II) with $2.4bn in total commitments.
The capital was raised from a range of institutional investors made up of pension funds, insurance firms, wealth managers, and foundations endowments across the Americas, Australia, Europe, and Asia.
According to J.P. Morgan Asset Management, Lynstone Fund II invests in stressed, distressed, and event driven situations in private and public markets in Europe and North America.
The investments by the fund are made across the capital structure, where underlying assets are possibly discounted because of either illiquidity or market disruption. They are also made where an event or catalyst has a strong possibility to result in a positive total return.
J.P. Morgan Asset Management had set a target of $2bn for Lynstone Fund II. It is the second fund from the company’s $3.5bn Global Special Situations (GSS) team.
In 2019, the company closed the Lynstone Special Situations Fund at $1.06bn.
J.P. Morgan Asset Management GSS co-CIO Brad Demong said: “We believe that GSS is well positioned to invest dynamically in market driven and bespoke private market investments globally to drive strong returns for our investors.”
The GSS team operates as part of J.P. Morgan Global Alternatives, which is a $218bn platform that spans real estate, transportation, infrastructure, private equity, hedge funds, liquid alternatives, and private credit.
J.P. Morgan Asset Management GSS co-CIP Leander Christofides said: “We are delighted that so many of our existing investors continue to partner with us. We welcome our new investors and their support for our investment approach and our ability to deliver performance through the cycle.”
