JPMorgan’s New Credit Funds Win SEC Nod for Monthly Redemptions

JPMorgan Chase & Co. won approval to offer monthly redemptions on a new interval fund investing in private and public credit, as the direct-lending industry grapples with another round of elevated requests to pull out cash.

The US Securities and Exchange Commission said Tuesday that the JPMorgan Public and Private Credit Fund would be exempt from a rule requiring withdrawals on a quarterly basis. The vehicle’s prospectus from March said it would look to buy back at least 2% of shares each month.

Read more: JPMorgan Plans Private Credit Fund That Allows 7.5% Redemptions

“Granting the requested exemption is appropriate ...