JPMorgan Chase & Co. is in advanced discussions to partner with FS Investments and Octagon Credit Investors to expand its reach in the $1.7 trillion private credit market, according to people with knowledge of the matter.
Talks are ongoing and the terms of potential tie-ups may still change, said the people, who asked not to be identified because the conversations are private.
The US bank has been looking to pull together a group of lenders to help fund private credit deals it originates, in an effort to be more competitive against private credit giants such as Ares Management Corp. and Blackstone Inc.
Representatives for JPMorgan and FS Investments declined to comment. Octagon did not immediately respond to requests for comment made outside of regular business hours.
The rapid expansion of the private credit market has cut into the profits of banks’ leveraged finance desks and prompted JPMorgan and others to set up direct lending operations of their own.
The bank has been discussing creating what would amount to a syndication group where members would take a slice of each loan, Bloomberg previously reported. It’s also targeted sovereign wealth funds, pensions and endowments.
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