In this podcast episode, Josh Helfat, Managing Director and Head of Private Investments at JP Morgan Private Bank, reveals how one of the world's leading financial institutions is revolutionising private markets access for its wealth clients.
With a 100-person alternatives team conducting more than 1,800 manager meetings annually, the podcast reveals how JP Morgan is bringing institutional-grade diligence to private wealth.
Speaking to James Williams, Helfat explains more about their highly selective approach to fund selection, offering clients a "boutique assortment" from hundreds of evaluated funds, a competitive advantage most family offices simply cannot match.
The conversation reveals why JP Morgan Private Bank is betting big on discretionary model portfolios. Rather than overwhelming advisors and clients with fund-by-fund decisions, the bank is building integrated solutions where clients can own a diversified evergreen portfolio, managed, traded, and optimised by JP Morgan's expert team.
"Increasingly, clients want that integrated portfolio solution. They want a plan."
Helfat offers sobering insights on due diligence in a market where many managers sport impressive 10-year track records. His team digs deeper: Was growth driven by operational improvements or just riding the low-rate wave? "We want operational value-add," he emphasizes, warning that the 2021 vintage will soon separate genuine value creators from market momentum players.
Josh also talks about the evergreen boom. For JP Morgan Private Bank's predominantly qualified purchaser clients, these semi-liquid structures aren't about lowering barriers, they're about offering flexibility and driving greater adoption.
"It's getting more capital with a higher level of comfort into private markets," he explains, noting the trade-offs between liquidity and returns.
While optimistic about evergreens, Helfat sounds a cautionary note about the proliferation of products, particularly fund-of-funds structures that sacrifice liquidity control.
His recommendation? Focus on direct investments, maintain rigorous operational diligence, and remember that, despite monthly dealing windows, these remain illiquid, long-term commitments.
This is essential listening for anyone navigating the intersection of private wealth and private markets.