US-based investment bank JP Morgan Chase plans to raise between $500m and $750m in a quasi-corporate venturing fund for internet and new media companies, according to news provider Wall Street Journal.
The money will come from JP Morgan’s private banking clients rather than the bank itself, news reports added.
The JPMorgan fund follows investment bank Goldman Sachs’s $1.5bn funding for social network Facebook, two-thirds of which came from overseas private banking clients of the Wall Street firm. Goldman and Digital Sky Technologies, a Russian investment firm, invested $500m of their own money in Facebook.