Deals
Geithner Gets JPMorgan Credit Line to Invest With Warburg Pincus
- Warburg, management pledged $800 million for $12 billion fund
- Credit lines can help executives meet such commitments
Warburg Pincus President Timothy Geithner.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Former U.S. Treasury Secretary Timothy Geithner is preparing to borrow from JPMorgan Chase & Co. to help fund his new career in private equity.
Geithner, 54, secured a credit line with JPMorgan, one of the largest banks he oversaw during the financial crisis, to finance personal investments in funds started by his current employer, Warburg Pincus, according to a filing with the New York Department of State. He is borrowing money to invest in a $12 billion private equity fund that the firm raised in November, its first main fund since he joined almost two years ago, a person familiar with the situation said.