The fund is looking to raise $500 million to $750 million, according to the report, which cites “people familiar with the matter.” The firm sent marketing materials to prospective investors about two weeks ago, the article states. (Access to the full article requires a subscription.)
The investment fund would target “late-stage” private companies that have demonstrated a successful business model replete with steady revenues, the article goes on to say.
J.P Morgan’s move follows Goldman Sachs’s $1 billion private offering for Facebook. Since that time, other social media companies have gotten new, somewhat startling valuations. For instance, another rep ort today put Zynga’s valuation between $7 billion and $9 billion. Groupon, meanwhile, is said to be worth in the neighborhood of $15 billion to $20 billion and Twitter’s value may be in the $10 billion range.
Image courtesy of iStock, Silberkorn.
More About: facebook, goldman sachs, groupon, JPMorgan, twitter
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