JPMorgan Chase has decided not to reinvest in venture firm Bay Area Equity Fund (BAEF), which directs money into socially beneficial startups, PEHub.com reports.
The move appears to be part of JPMorgan’s desire to reduce its exposure to private equity.
San Francisco-based BAEF, led by Managing Directors Nancy Pfund and Michael Dorsey, had planned to raise a $200 million second fund this year. But those plans are now on hold, sources say. The team will continue to manage the portfolio of the $75 million inaugural fund it raised in 2003.
It is unknown at this time if JPMorgan will return as a limited partner in a reconstituted BAEF. The first fund counted 10 banks among its limited partners, seven foundations and a handful of retirement plans.
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