JPMorgan Chase & Co has decided to spin off its principal private equity unit One Equity Partners (OEP) through a deal with Lexington Partners and Carlyle Group’s AlpInvest Partners. JPMorgan has signed a definitive agreement with Lexington Partners and AlpInvest Partners to sell approximately 50% of the portfolio companies, which are currently held by the company’s buyout arm OEP. The financial details of the transaction are not disclosed by the company. The deal is expected to be completed by the year-end. Once the deal is completed, OEP Pprofessionals, led by its founder and chief Dick Cashin, will float a new PE investment advisory firm named OEP Capital Advisors. The firm will operate independently and will manage the portfolio being divested by JPMorgan Chase, along with the investments being retained by JPMorgan.