Summertime NAV-Squeezing with JPMorgan
Add some NAV sugar to your lemons! MMMmm!
In the spirit of being fair and balanced, if we are going to criticize practices that seem sketch, isn’t it also appropriate to celebrate best practices in action?
Today, on the summer solstice (we checked, its June 20 this year), the AltView celebrates the:
JPMorgan Private Markets Fund.
This fund gets plaudits from the Alt View for clear disclosure of cost basis on its secondary purchases; no AI required. We also consider the clear disclosure a mark of efficiency, since—unlike other managers-- JPMorgan didn’t have to employ a summer ‘obfuscation intern’ to create confusing seas of numbers and commas 😊 for due-diligencers to untangle.
Like all of the other 40 Act funds we’ve seen (so far; a cool AltView mug for the first person that can find one that does not) this one generally marks to NAV, as seen in the prospectus:
Below is a snippet from the March 31, 2025 financials. You may notice some zesty markups from March 31, 2025 purchases. And yes, Alice, March 31, 2025 is the same day as March 31, 2025.
Who knew practical expedients could be so profitable and rewarding to investors?!
And rewarding, of course, to JPMorgan: this fund has a 10% performance fee. We guess they earned it…the average annual returns since launch in July of 2023 (not even 2 years ago!) for the I shares through March 2025 were 62.95%.
Just keep those inflows coming!
Enjoy midsummer, Secondary Private Equity Investing Friends! And be sure to enjoy your favorite, freshly squeezed NAV juice this weekend, it’s always refreshing and highly profitable.
Resources:
Prospectus:
https://am.jpmorgan.com/JPMorgan/TVT/48130F306/P?site=JPMorganv3
Fact Sheet:
https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/FS-PM-I.pd