JPMorgan Seeks $1 Billion for Mezzanine Debt Fund

JPMorgan Chase & Co. is raising money for a mezzanine fund through its asset- and wealth-management arm, according to people with knowledge of the matter.

The firm is looking to raise as much as $1 billion from investors for a fund that would focus on providing financing to companies using a hybrid of equity and debt, said one of the people, who asked not to be identified because the information isn’t public. The bank has already raised a significant portion of its target, one of the people said.