Wall Street firm JP Morgan Chase is gathering capital for a second investment fund that will target core infrastructure in Asia, with a regulatory filing showing it has so far raised $100 million for the vehicle.
JP Morgan Asian Infrastructure & Related Resources Opportunity Fund II is a follow-up to JP Morgan Asian Infrastructure & Related Resources Opportunity Fund I, which closed in 2010 after collecting $858 million.
The follow-up fund is endeavoring to raise $1 billion and is targeting a first close on more than $200 million, a source familiar with the fundraising said. A spokeswoman for JP Morgan in New York declined to comment on the fundraising.
JP Morgan Investment Management, a unit of JP Morgan Asset Management, is running the fund, the filing said.
The Wall Street firm's first Asian infrastructure fund came to market at the onset of the global financial crisis and had also been expected to raise $1 billion.