J.P. Morgan Global Alternatives hired two industry veterans in building its private market secondaries business across both private credit and private equity at the $218 billion firm.
Andrew Carter, who was one of first dedicated investors in the private credit secondaries market, joins as head of private credit secondaries from Tikehau Capital and will handle all aspect of the firm’s expansion into the space. Officials add that he has deep relationships with managers across the industry.
Based in New York, Carter will report into Brian Coleman, who is head of private credit strategies.
Tim Henn joins the firm as a lead portfolio manager for secondaries within the private equity group at J.P. Morgan. Previously, he led secondary investments at Portfolio Advisors with a portfolio of $2 billion in total exposure with a track record of managing a portfolio of LP interests in buyout funds, complemented by growth equity and GP-led exposure.
Henn is also based in New York and reports into Stephen Catherwood and Ashmi Mehrotra, co-heads of the private equity group at the firm.
Both hires represent an expansion of J.P. Morgan Global Alternatives across the secondary space, according to Anton Pil, head of alternatives at the firm, which is part of J.P. Morgan Asset Management that manages $2.6 trillion across global markets.
“Investors continue to look beyond public markets to generate returns, and we believe private credit and private equity will continue to play a critical role in client portfolios going forward,” Pil said in a statement.
Jamie Kramer, head of the Alternative Solutions Group at J.P. Morgan Global Alternatives commented on Carter’s hire, adding that the firm has seen ‘significant’ demand for secondaries strategies from clients across the globe, reflecting the need for greater liquidity to take advantage of opportunities as private debt markets mature.
“Tim’s extensive sourcing network, investment underwriting and execution experience will complement the Private Equity Group’s extensive GP relationships and position as a preferred buyer,” said Catherwood, co-head of the private equity group at J.P. Morgan Global Alternatives.