Clinching its second major
deal with a US bank in just over a year, Axa Private Equity has
acquired a $1.7bn portfolio from Citigroup comprising 207 limited
partnership interests in private equity buyout funds and direct
stakes in an undisclosed number of companies.
The deal follows the private
equity arm of French insurer Axa’s acquisition of private equity
funds from Bank of America in April 2010 for $1.9bn. During the
same year, Axa Private Equity acquired a $700m private equity
portfolio from French bank Natixis.
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Axa Private Equity, which was
established in 1996, reported that at the end of 2010 it had a
total of $25bn of assets under management or advice. Of the total,
$14bn was invested through 550 funds of funds with a total of 7,500
underlying companies, $6bn through direct funds (164 companies),
$3bn through mezzanine financing and $2bn through financing of
brown and greenfield infrastructure projects.
