Listed investment company JP Morgan Private Equity (JPEL) has announced a number of changes to the closed-end fund.
The investment trust will seek to reposition the portfolio by exploring the sale of pre-credit crisis asset in the secondary market to make further investments.
It aims to create a more transparent and concentrated portfolio, and will seek to reduce the fund’s debt by 2015.
The trust is set to retire 2013 zero dividend preference shares, and is also planning to purchase up to $20m in US dollar equity shares.
Trust chairman Trevor Ash says: “Today, we are implementing a more aggressive series of strategic initiatives to enable the company to once again actively reposition its portfolio and return larger amounts of capital to US dollar equity shareholders while maintaining strong cover for zero dividend preference shareholders.
“As a first step, JPEL will seek to repurchase up to $20m of US dollar equity shares through a coordinated share repurchase programme.”