Chad Tredway

While merely mentioning “volatility” sends shudders down some investors’ backs, J.P. Morgan Asset Management is leaning in. 

“We’ve been preparing for a big opportunity in 2025 and the volatility only makes it better,” Chad Tredway said. “Here’s the reason: Most of the people that we’re buying from expected rates to be going down by now. Because they’re not, we’re able to use our brand, our strength, our scale and our network to find deals when people need to sell, just given rate pressure and volatility in the capital markets.” 

With $3.7 trillion in assets under management between alternatives, equities, fixed income and available liquidity, the platform is one to be reckoned with, and only getting stronger with the hiring of  key talent. 

Those include TPG Angelo Gordon’s Justin Heller to lead its net-lease platform; Josh Myerberg — previously CIO and deputy head of Morgan Stanley’s largest core real estate fund — as head of portfolio strategy for its core and core-plus real estate Americas investment platforms; the Federal Reserve Bank of New York’s Tom Kennedy to lead investment strategy; and Troy Applegate, formerly head of commercial mortgage lending at J.P.Morgan, as head of debt. 

“We’re expanding our net-lease platform, we’re expanding our debt platform, we’ve pulled over $1 billion of capital into our core strategy in the last 12 months alone,” Tredway said, “and we’re very focused on using proprietary research to continue to drive returns for all of our funds.” 

As high-conviction themes, J.P. Morgan Asset Management continues to pursue middle-income housing investment, net leases and industrial outdoor storage. Its net lease strategy has doubled since 2024.

“We’ve seen over $400 million of capital come from the private wealth channel from around the world, and that’s translated into the growth of our non-traded REIT, JPMREIT,” Tredway said. “It’s now roughly $1 billion — two and a half times larger than it was 12 months ago — because investors need that exposure, and they trust J.P. Morgan to be able to provide stability of income and returns through those two sectors for them.” 

Further, these past 12 months, it’s been the No. 1 performing [REIT] in the index. “We’ve had little to no redemption requests, and we’re growing when others are shrinking,” Tredway said. “So, if you think about it, there’s over $100 billion of real estate that was purchased when rates were around zero, going from 2017 to 2020, early 2022, and we’re the one of the few non-traded REITs that’s out there that’s able to buy from those non-traded REITs that have to sell today.”