Learn about J.P. Morgan Asset Management's Project Spark
Project Spark is an initiative that invests proprietary capital into diverse, emerging alternative managers, including minority-led and women-led venture capital funds and other private funds, positively impacting asset management, small businesses, and communities. Project Spark’s mission is to use JP Morgan’s capital, brand, and expansive network to close the funding gap for underrepresented managers and strengthen the diverse ecosystem in the alternatives industry.
First time venture capital funds are difficult for anyone to raise. But first time funds for underrepresented talent are nearly impossible and a lack of diverse managed funds leads to a lack of funding for diverse startups. In a recent survey, only 2% of all venture funding went to female-founded startups. For Black women, it was minuscule at 0.3%.
I'm Jamie Kramer, head of J.P. Morgan Alternative Solutions Group, and the proud chair of the investment committee for Project Spark, a $50 million program we created to change this narrative. Simply put, Project Spark is a program where Morgan Asset Management invest our proprietary capital as LPs in the funds of emerging underrepresented venture capital managers. We knew we could help in three ways. First by making direct significant anchor commitments into these managed funds. Second, by accelerating capital raising, allowing the managers to use our J.P. Morgan Brand as a reference and powerful testimonial. Finally, creating an ecosystem between the fund managers, the entrepreneurs, and the extensive JP Morgan network.
Our $50 million of initial JP Morgan commitments could be a catalyst for hundreds of millions of venture capital funding. There is no lack of talent or opportunity. It just needs a spark.