JP Morgan Partners, the private equity division of JP Morgan Chase, sprang back into the black in the second quarter, turning a $96m (€78m) loss last time into a $187m profit for the three months ending June 30.

The turnaround was largely due to the gains on its portfolio of unlisted investments of $392m against a $22 million loss in the second quarter of 2003. The total value of entire portfolio dropped from $7.9bn to $6.4bn.