JPMorgan has raised more than $1.2 billion for a new fund aimed at investing in social networking firms, a regulatory filing has revealed.
The figure is higher than the $500 to $700 million target originally set by the JPMorgan Digital Growth Fund.
JPMorgan is expected to administer the new vehicle through its asset management arm, the Wall Street Journal originally reported.
Acquiring the shares is thought to be part of a strategy to invest in privately-owned technology firms such as Twitter, LinkedIn and GroupOn.
The fund is planning to invest in well established companies with business models already in place and steady income streams.
According to the filing, the minimum amount outside investors are allowed to submit is $250,000 while the fund could earn over $13 million in commission from sales, the New York Times reported.
The creation of the fund follows an investment by Goldman Sachs in social networking website Facebook.
Goldman, in conjunction with Russian firm DST Technologies, invested $500 million into the website which valued the business at $50 million.