The private-equity group within JPMorgan Chase’s asset-management arm has reached the $1 billion milestone for a private-markets fund set up to attract individual investors. 

The fund

The bank began marketing the perpetual vehicle called JPMorgan Private Markets Fund in 2023 as its first alternative-assets fund designed for wealthy investors and their advisers. The fund returned just over 18% in the year through February, exceeding its 12% to 15% annual target range, according to JPMorgan.