J.P. Morgan Bolsters Private Capital Team Amidst Private Market Surge
Event summary
- J.P. Morgan Private Capital appointed Rand Araskog (formerly Permira) and Eric Ghernati (formerly J.P. Morgan Asset Management U.S. Equity Group) as Partners.
- Araskog brings experience from Permira's $4 billion growth fund and Coatue, while Ghernati previously managed tech strategies and ETFs within J.P. Morgan.
- The hires are a response to the increasing size and importance of private markets, which have expanded to $20 trillion globally.
- The median age at IPO for U.S. tech companies has nearly tripled since 1999, reaching fourteen years in 2024.
- J.P. Morgan Asset Management manages $4.2 trillion in assets as of December 2025.
The big picture
J.P. Morgan is strategically positioning itself to capitalize on the ongoing shift towards longer private company lifecycles and the resulting growth of the private capital markets. The hires of Araskog and Ghernati signal a commitment to expanding its presence and developing specialized strategies within this increasingly important asset class, directly addressing client demand for blended public/private solutions. This move underscores the broader trend of institutional investors seeking to access returns previously exclusive to private equity.
What we're watching
- Strategy Alignment
- How the newly integrated public and private market expertise of Araskog and Ghernati will be applied to J.P. Morgan’s investment strategies remains to be seen, particularly given their differing backgrounds.
- Client Demand
- Whether the increased client interest in the convergence of public and private equity, as cited by Jed Laskowitz, translates into substantial new AUM for J.P. Morgan Private Capital warrants close monitoring.
- Competitive Landscape
- The pace at which other major asset managers respond to the blurring lines between public and private markets and build out similar capabilities will define J.P. Morgan’s competitive advantage.
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