Investment bank JP Morgan Chase has raised more than $1.2bn for its Digital Growth Fund, according to a regulatory filing seen by news provider New York Times. The filing says "no further sales will take place after December 31, 2011".
The fund follows peer Goldman Sachs selling $1bn of stock in social network company Facebook to its non-American private banking clients and investing in growth equity deals.
News provider Blogging Stocks said investors had been trying to guess how the "Goldman Sachs business model will morph, especially as the firm moves away from proprietary trading. Interestingly enough, it looks like a part of the new strategy will be a focus on venture capital deals."