JPMorgan is planning on starting a fund of between $500 million and $750 million to invest in internet and digital media companies, the Wall Street Journal said on Sunday.

The paper said that marketing materials were sent to prospective investors about two weeks ago.

The reported move comes as interest in social networking sites is increasing. Investor interest and valuations are surging for privately-held Web companies like Facebook, Zynga and Groupon.

LinkedIn announced plans to go public this year in what could be a test of investor appetite for social networking websites ahead of a highly anticipated Facebook offering.

Facebook, the world’s No. 1 internet social network, recently raised $1.5 billion in funding in a deal that valued the company at $50 billion.

Facebook said recently it planned to publicly disclose its financial results by April 2012, a regulatory requirement triggered by the company’s number of shareholders and a move that some believe could lead to a public offering.

JPMorgan was not immediately available for comment.