ericperssonpoker| JPMorgan Chase looks to acquire a private equity firm in an effort to grow rapidly in this hot field

JPMorgan Chase, the largest bank in the United States, is looking to buy a private equity firmericperssonpoker, further delve into the hottest area on Wall Street to grow its size 3ericperssonpoker.6 trillion dollar asset management department.

People familiar with the matter said JPMorgan Chase's asset management department is looking for a private equity credit firm to strengthen its private equity business. People familiar with the matter, who spoke on condition of anonymity because of private discussions, said the company had already held talks with Monroe Capital in Chicago this year, but the two sides ultimately decided not to move forward.

Spokespersons for JPMorgan Chase and Monroe declined to comment.

In recent years, interest in the $1.7 trillion private equity credit industry has soared. Alternative asset giants such as Ares Management Corp. and Apollo Global Management Inc. are pouring money into increasingly larger deals. Other investors, as well as banks themselves, are also keen to increase their bets.

JPMorgan's asset management arm is looking to expand its private equity credit business. The department manages money for the wealthy and for institutions including endowments and pension funds. As of the end of last year, the unit managed $17 billion in private equity credit assets, which is below Monroe's nearly $19 billion in committed and managed capital as of April 1.

A person familiar with the matter said the acquisition would help JPMorgan's asset management department grow rapidly, but the company may eventually decide to promote endogenous growth in its private equity credit business.