Summary
The Chase Manhattan Corporation (now part of JPMorgan Chase & Co.) filed an 8-K on November 28, 2000, disclosing its intention to launch a new private equity fund through its Chase Capital Partners (CCP) division. This fund is designed to co-invest alongside CCP in a significant portion of its direct private equity and equity-related investments. Investors unaffiliated with Chase will have the opportunity to participate in this new fund.
Key Highlights
- 1Chase Capital Partners (CCP) plans to offer limited partnership interests in a new private equity fund to external investors.
- 2The new fund will co-invest alongside CCP in direct private equity and equity-related investments.
- 3Chase intends to commit at least $8.0 billion to CCP over a five-year investment period for direct investments made alongside the new fund.
- 4Specific commitments include at least $2.0 billion for calendar year 2001 and at least $1.5 billion annually for calendar years 2002 through 2005.
- 5Chase will also continue to provide funds to CCP for investments where the new fund will not participate.
- 6Exhibit 99.1 provides a detailed summary of CCP's historical direct private equity investment performance, though past results are not indicative of future performance.
- 7Valuations in Exhibit 99.1 may differ materially from those in Chase's financial statements due to different valuation policies.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose The Chase Manhattan Corporation's intention to form a new private equity fund through its Chase Capital Partners (CCP) division and offer limited partnership interests to investors unaffiliated with Chase.
Chase intends to commit at least $8.0 billion to CCP over a five-year investment period for direct private equity investments to be made alongside the new fund. This includes at least $2.0 billion for 2001 and at least $1.5 billion annually from 2002 to 2005.
No, the new fund is intended to co-invest alongside CCP in a substantial portion, but not necessarily all, of the direct private equity and equity-related investments made by CCP. Chase will continue to fund CCP for other direct investments where the new fund will not participate.
No, the filing explicitly states that historical returns achieved by CCP are not a prediction of future performance and there can be no assurance that these or comparable returns will be achieved in the future. Additionally, the valuation methods used for Exhibit 99.1 may differ from those used in Chase's financial statements.