The Qatar Investment Authority (QIA) and J. P. Morgan Asset Management have agreed to a $20bn strategic partnership spanning public and private markets.

Alongside a $15bn public equities mandate, the partnership includes a $5bn private markets initiative focused on established middle-market companies in the US. Under this strategy, QIA and J. P.

Morgan Asset Management will provide senior financing to mid-market businesses across sectors, with emphasis on industrials, services, healthcare, and technology, effectively channeling sovereign capital into US direct lending. QIA gains access to J. P.

Morgan’s origination and underwriting capabilities, while the manager secures a substantial, long-term capital partner for its private financing strategy. The public equities leg will see J. P.

Morgan Asset Management run customised global equity portfolios for QIA, drawing on its active equity platform and research resources. Mohammed Saif Al-Sowaidi, chief executive of QIA, said the collaboration would unlock new opportunities for both firms to generate long-term value. Mary Callahan Erdoes, chief executive of J.

P. Morgan Asset and Wealth Management, called it a privilege to partner with QIA on this strategic initiative. Founded in 2005, QIA is the sovereign wealth fund of Qatar and ranks among the largest and most active globally.

J. P. Morgan Asset Management managed $4.6tn as of 30 June 2026.