JPMorgan raises $1.22 billion to invest in social media sector

Francis Tan is the Asia editor of TNW, who is based in the Philippines. He is particularly interested in Asian Internet startups, social me (show all)Francis Tan is the Asia editor of TNW, who is based in the Philippines. He is particularly interested in Asian Internet startups, social media and e-commerce. Get in touch with him via Twitter @francistan or Email [email protected].

JP Morgan Chase & Co has raised $1.22 billion for a new fund to invest in the social media sector.

The filing for the aptly named “Digital Growth Fund” details that the fund will offer ‘pooled investment fund interests’. There’s no specific mention of Social Media but the NY Times reports ‘The Digital Growth fund’ is indeed the social media fund.

The launch of the social media fund follows January’s $1.5 billion fundraising by Facebook, mainly from Goldman Sachs Group Inc and its international investors.