Goldman Sachs Asset Management's Private Equity Group and the Canada Pension Plan, in partnership with a smaller private equity firm, paid $925m (€764m) yesterday for a 14% stake in a global buyout fund owned by JP Morgan.

The part sale of the JP Morgan Partners Global Fund comes about a year after JP Morgan announced its plan to spin off the fund from the rest of its business following the successful investment of its $6.5bn in assets.

Goldman and Canada buy stake in JP Morgan fund

Matthew Smith in New York

JP Morgan

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Find out who is on the move in the City and beyond this week

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The hedge-fund founder is asking triple what he paid for the Bali-inspired Manalapan estate in 2017.

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The announcement comes as USS Investment Management said it won’t bid for the property firm.

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The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

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The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

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