JP Morgan Chase is planning to launch a fund that will invest in Internet and digital-media companies, The Wall Street Journal reports. The investment fund will be managed from the firm’s New York-based asset management unit and seek to raise between $500-750 million.

The fund will target “late-stage” private companies, or those with an up-and-running business model, steady revenue and cash flow. The planned vehicle is mostly being marketed to wealthy investors.

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