The private equity investment arm of Bank of America, called as BAML Capital Partners, will remain on the books of Bank of America, until it wound down in the next few years.
Reportedly, the partners in BAML are planning to raise additional funds for future private equity deals.
In a memo sent to its employees, Jim Forbes, head of BofA’s principal investments division, said that bank made the strategic decision to limit new investment activity in and focus the team’s efforts on portfolio’s monetization.
"We believe this is a great opportunity for the employees of BAML Capital Partners to continue their investment strategy while monetizing the bank’s portfolio," Forbes added.
The move follows the bank’s spin-off of its legacy Bank of America private- equity business last year, which then formed Ridgemont Equity Partners.
