(Bloomberg) — JPMorgan Chase & Co. created a unit in its commercial and investment bank focused on bespoke financing structures across public and private markets.
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The business, dubbed strategic financing solutions, will be a collaboration between banking, markets and sales, according to an internal memo Monday. It will initially focus on structured private solutions, infrastructure finance, strategic asset-backed securities finance, merchant banking and direct lending.
“Financing needs are becoming increasingly complex while investors are seeking exposure to new markets,” Doug Petno and Troy Rohrbaugh, co-heads of the commercial and investment bank, wrote in the memo, which was seen by Bloomberg News. The team “will focus on delivering alternative solutions to our corporate and sponsor clients.”
Warfield Price, head of general industries leveraged finance, and Masi Yamada, global head of corporate structuring, will co-lead the group in addition to their current roles. They’ll report to Kevin Foley, global head of capital markets, and Brad Tully, global head of private side sales and corporate derivatives, according to the memo.
The move is aimed at capturing both the convergence of public and private markets, with more US companies choosing to stay private for longer, and increasingly complex client needs. One example is 3G Capital’s planned acquisition of Skechers USA Inc. JPMorgan advised 3G in its $9.4 billion take-private deal for the footwear maker, which was announced earlier this year. The transaction was a mix of cash and debt, and JPMorgan arranged two term loans, two notes and a revolving credit facility.
The new business will house JPMorgan’s direct-lending effort, for which it set aside an additional $50 billion earlier this year after deploying more than $10 billion across 100 deals since 2021. Foley said in an interview in February that JPMorgan aims to be “product-agnostic” in its offerings to clients.
Goldman Sachs Group Inc. made a similar move earlier this year, when it formed a capital solutions group to recognize the growing importance of private markets.
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