CCMP, the former private equity arm of JPMorgan, is close to finalising a new $3.5 billion (1.7 billion) global buyout fund, despite the credit market turmoil, The Times reports.
It is understood that CCMP is in the final stages of negotiations with its investors and could sign off on the new fund by the end of September. CCMP Global Fund II will be the first independent fund CCMP has raised since it was spun off by the US investment bank in August 2006, over fears of conflicts of interest with its clients.
Given the closure of the credit markets to leveraged loans and the backdrop of negative sentiment about the industry, there have been concerns that private equity firms would find it difficult to raise new funds.
CCMP has been successful partly because it started its fundraising well before the credit crunch took hold.