AXA Private Equity Acquires US$1.7BN Private Equity Portfolio from Citigroup
AXA Private Equity, a European private equity firm, has acquired a US$1.7 billion portfolio of limited partnership interests in private equity buyout funds and a portfolio of direct stakes in companies from Citigroup (NYSE: C).
The portfolio comprises 207 limited partnership interests in mostly buyout and a number of investments that were made directly into certain companies. The portfolio was funded by Citigroup proprietary capital without including funds or investments managed by Citi Capital Advisors.
This deal, which follows on from AXA Private Equity’s US$1.9 billion acquisition of private equity funds from Bank of America in April 2010, continues the firm’s secondary funds strategy to offer liquidity to large institutions looking to monetize their private equity investments.