JPMorgan Plans Private Credit Fund That Allows 7.5% Redemptions

JPMorgan Chase & Co. is planning a new fund investing in private credit that will allow investors to redeem 7.5% a quarter — and, potentially, offer monthly withdrawals — as the $1.8 trillion market grapples with an unprecedented liquidity squeeze.

The bank’s JPMorgan Public and Private Credit Fund, an interval fund, said in a prospectus this week that it “currently expects” offering to buy back 7.5% of shares each quarter. But it’s asking the US Securities and Exchange Commission for an exemption that would allow it to make repurchases each month, at a level of at least 2%.