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JPMorgan Begins Private Lending Drive With $10 Billion on Table

  • US lender primed to capture market share lost to Apollo, Ares
  • On-balance sheet lending is a break away from banking rivals
Wall Street Is Hiring More and More Bankers Outside London to Cut Costs
Photographer: Jason Alden/Bloomberg

JPMorgan Chase & Co. has set aside at least $10 billion to back its foray into the lucrative world of direct lending, according to people with knowledge of the matter. 

The sizable bet vaults JPMorgan into competition with established private-credit heavyweights such as Blackstone Inc., Apollo Global Management Inc. and Ares Management. The US bank is prepared to make many more billions of dollars available if it sees the opportunity to deploy more capital, one of the people said.