RIYADH: Qatar Investment Authority and J.P. Morgan Asset Management have agreed to a $20 billion strategic partnership spanning public equities and private credit, expanding the sovereign wealth fund’s investment ties with the US. 

The two institutions have signed a memorandum of understanding, with the partnership comprising a $15 billion public-equities mandate and a $5 billion private-markets initiative targeting established US middle-market companies. 

Under the larger mandate, J.P. Morgan Asset Management will build and manage customized global equity portfolios for QIA, drawing on its active-equity capabilities, global investment platform and research resources. 

The agreement deepens QIA’s engagement with US financial institutions at a time when the fund is expanding its global investment partnerships.

In January, QIA and Goldman Sachs Asset Management agreed to target $25 billion in combined investments in funds and co-investment opportunities, while QIA has continued to pursue investments in US technology and private-market assets.

According to the US Department of Commerce’s SelectUSA program, the stock of Qatari foreign direct investment in the US reached $4.7 billion by the end of 2024, based on data from the US Bureau of Economic Analysis.  

Mohammed Saif Al-Sowaidi, CEO of QIA, said: “We are pleased to grow our partnership with J.P. Morgan Asset Management and gain access to one of the world's leading global equity and private credit platforms.”   

Deal structure 

The larger portion of the commitment, the $15 billion public equities mandate, will see J.P. Morgan Asset Management build and manage customized global equity portfolios for QIA. 

The remaining $5 billion will go toward a private markets strategy, under which the two organizations plan to jointly provide senior financing to established US middle-market companies. The focus sectors include industrials, services, healthcare and technology. 

What both sides gain 

J.P. Morgan Asset Management framed the arrangement as a chance to deepen its relationship with QIA, which it described as one of the world’s largest and most active sovereign wealth funds, while QIA cast it as a way to widen its access to global investment expertise. 

“By leveraging J.P. Morgan’s global investment capabilities across public and private markets, we’ll support QIA’s role as a leader in global institutional investing and help deliver customized, high-quality solutions,” said Mary Callahan Erdoes, CEO of J.P. Morgan Asset and Wealth Management. 

Both firms described the tie-up as a “mutually beneficial framework,” pairing QIA’s long-term institutional outlook with JPMAM’s global investment reach, and said it was intended to position them to capture investment opportunities and generate sustainable long-term returns. 

QIA, founded in 2005, is the sovereign wealth fund of Qatar and invests across asset classes and regions.

J.P. Morgan Asset Management, the asset-management arm of JPMorgan Chase & Co., had $4.6 trillion in assets under management as of June 30.