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JPMorgan to Sell 50% of Buyout Portfolio to Two Buyers

JPMorgan Chase & Co. (JPM), which last year said its private-equity unit would become independent, agreed to sell half of its $4.5 billion in buyout holdings to Carlyle Group LP (CG)’s AlpInvest Partners BV and Lexington Partners Inc.

Dealmakers at One Equity Partners LLC will form OEP Capital Advisors LP, an investment firm independent from New York-based JPMorgan, when the transaction is completed, which is expected by year-end, according to a statement today. OEP will manage the rest of the portfolio, JPMorgan said. Financial terms of the agreement weren’t disclosed.