JPMorgan Chase & Co. hired Keith Canton to be the firm’s head of private capital markets, as the pace of pre-IPO financing accelerates.
Canton will focus on equity private placements across all industries and will report to JPMorgan’s co-heads of equity capital markets, Michael Millman and Jeff Zajkowski, according to a memo obtained by Bloomberg News.
Canton joined from Barclays Plc where he was most recently global co-head of private capital markets, according to the memo, which was confirmed by JPMorgan spokeswoman Jessica Francisco. Canton will be based in New York and will begin in August, the memo said.
Companies are increasingly turning to private markets for financing before going public. Uber Technologies Inc. plans to raise about $1.5 billion in a new funding round that will boost its valuation to $50 billion, a person with knowledge of the matter said May 9. Airbnb Inc. is also raising money from investors, and could be valued at $20 billion, people with knowledge said of the deal in February.
Venture capital funding reached its highest level since 2001, with $47.3 billion worth of deals, according to data compiled by research firm CB Insights.