In June 2013, JP Morgan Chase announced that its private investment arm will raise its next fund from an external group of limited partners, as it becomes independent from the New York-listed firm.

“The time is right for them to seek new capital to strengthen their global strategy, as they continue to manage our existing portfolio to maximize value to the firm,” Matt Zames, chief operating officer at JP Morgan, said at the time .

One Equity Partners was founded in 2001 and works with management teams globally to help businesses grow, with investments typically ranging from $50 million to $250 million per transaction.

Now, two people “close to potential buyers” said the bank “pulled” the unit off the market, Reuters said, adding: “Another source, active in the secondary market but not directly involved with the process, described the auction as stalled after the bank increased its asking price.”

JP Morgan declined to comment when contacted by Family Wealth Report.