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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