JPMorgan's Highbridge takes on Bear Stearns fund

Published: 05 May 2009 17:49:16 PST

NEW YORK, May 5 - Constellation Growth Capital, a venture capital firm originally part of Bear Stearns, on Tuesday said it has been folded into Highbridge Capital Management, the JPMorgan Chase & Co hedge fund unit expanding into private equity investing.

Constellation, which invests in growing media and telecom companies, became part of JPMorgan after it took over Bear Stearns last year. JPMorgan also owns 77.5 percent of Highbridge, one of the world's largest alternative-investment managers with about $21 billion under management.

Constellation just completed raising a $200 million fund, giving it three funds with a total of $650 million.

Highbridge two years ago hired former Goldman Sachs Group Inc investment bank co-head Scott Kapnick to help build a private equity business.