J.P. Morgan Launches New Fund Banking Group

NEW YORK — J.P. Morgan Private Bank has launched the Fund Banking Group, a division of the U.S. Private Bank’s business focused on the banking, lending and investing needs of private equity and venture capital funds and their principals. This new division combines the experience of First Republic’s historical fund business with the Private Bank’s extensive history serving some of the country’s largest funds and their C-suites.

J.P. Morgan acquired First Republic Bank of California in May after it was seized by the FDIC.

“The Private Bank has been serving the private and venture fund spaces and their chief executive officers for more than 25 years,” said David Frame, U.S. Chief Executive Officer of J.P. Morgan Private Bank. “Historically, we’ve worked with some of the largest firms in the world, and the acquisition of First Republic earlier this year has enhanced our ability to reach a new segment of this industry.”

Jeff Kaveney has been appointed as Head of the Fund Banking Group. In this newly created role, Jeff will be responsible for defining and leading the Private Bank’s fund banking strategy, driving the integration of more than 10,000 of First Republic’s fund clients, and growing the business’ position as the premier bank, lender, and investment partner to this sector. He will report to Jason Gies, Managing Director and Head of the Private Bank’s Financial Sponsors Group.

“For new entrants to mid-stage and mature funds, we are committed to being the leading financial partner to the firms and principals fueling innovation in the world of high-growth investments,” said Kaveney. “From providing liquidity to support their expansion and future investments, to helping fund employees navigate their complex personal balance sheet needs, we intend to deliver an integrated approach to their financial needs unmatched in this space with access to the full resources of the entire firm.”

Prior to Co-Leading the business’ Lending Practice, Kaveney was the Private Bank’s Global Head of Banking and Custody and spent more than a decade in the Private Bank’s investment business. In his new role he will partner with Gies and Jeremy Geller, Co-Head of J.P. Morgan Private Bank’s New York City market and financial services segment strategy leader, to scale the group’s professional skills across the U.S. and globally. As an expansion of the Financial Sponsors Group, Kaveney and the Fund Banking Group team of more than 40 front office professionals will extend the delivery of J.P. Morgan’s leading services to the broader fund ecosystem.

“The security of a fortress balance sheet and the expertise of a dedicated team across the country will expand the Private Bank’s reach into this landscape. We are excited to build on our 25-year commitment serving this space during a unique time in our industry, and we hope to grow the team throughout 2024,” said Geller. “Jeff’s experience across the Private Bank’s banking, lending, and investment platforms makes him uniquely suited to drive this strategy forward.”

The Fund Banking Group extends across the United States, with hubs in Boston, MA, New York, NY, and Los Angeles, San Francisco and Palo Alto, CA. The group’s strong geographic footprint will be bolstered by bankers across the country who have joined the Private Bank’s Fund Banking Group from First Republic. The Fund Banking team will also partner closely with J.P. Morgan Commercial Banking’s Innovation Economy business, building on its strong relationships with General Partners and providing seamless support for this important sector.