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JPMorgan raises $1.22 Billion for Social Media Fund

JPMorgan raises $1.22 Billion for Social Media Fund
JPMorgan Chase & Co. has reportedly raised a whopping $1.22billion for a new fund that will invest in social media. This comes as a shock, as the company was expected to raise anywhere between $500 million to $750 million. Talk about exceeding expectations!

The $1.22 billion figure was released on Wednesday in a regulatory filing for the J.P. Morgan Digital Growth Fund LP. This represented the total amount sold. This Digital Growth Fund has been described in the regulatory filing as a Venture Capital Fund that offers only pooled investment fund interests, and no sales will be made after December 31st, 2011.

The Digital growth Fund is basically the company’s social media fund. The launch of this social media fund follows the January $1.5 billion fundraising attempts of Facebook, the biggest social networking site in the world. These attempts were mainly made by Goldman Sachs Group Inc. and its clients.