JPMorgan will provide portfolio administration and performance reporting for the State of Michigan Department of Treasury Bureau of Investments Alternative Investments Division. The Bureau serves as the investment manager for various state retirement systems with a total of $61 billion in assets under management.
JPMorgan Private Equity Fund Services (PEFS) will provide the state with a set of comprehensive services to give greater insight on the performance, concentration and risk across the alternative investment portion of the assets. The services include investment accounting, cash flow tracking and forecasting, reporting and analytics, as well as the ability to easily generate board-quality reports.
“JPMorgan PEFS is delighted to welcome the State of Michigan Department of Treasury as a client,” says Robert Caporale, CEO of JPMorgan PEFS. “We feel that the state, its employees and taxpayers will benefit from the processes we use, which provide the control, security and transparency so needed in todays marketplace.”
James Hutter, Business Executive and COO of JPMorgan PEFS, adds, “Our experienced team will serve as an independent source of finance and accounting information, so the state can spend more time on their mission maximizing investment returns for employees and retirees.”
JPMorgan PEFS provides middle- and back-office outsourcing of fund administration services for more than 200 funds at private equity firms, representing more than $45 billion in committed capital. Services offered include: fund and partnership accounting, tax support and comprehensive reporting services to private equity firms.
JPMorgan PEFS also serves the world’s largest institutional investors with more than $100 billion in aggregate committed capital. For institutional limited partners, JPMorgan provides alternative investment portfolio administration services including cash flow tracking and forecasting and reporting.
JPMorgan PEFS recently won a top rating in the first-ever survey of private equity firms by Global Custodian magazine and was lauded for its “robust, proven technology platform” and staff with a deep knowledge of private equity.