AIG PE Value Drops 46%

NEW YORK, April 5 (Reuters) – AIG Private Equity Ltd. (APEN.S), run by executives from American International Group’s (AIG.N) asset-management business, has seen the value of its holdings fall 46 percent, the Wall Street Journal reported, citing the firm’s latest quarterly report.

AIG Private Equity owns stakes in funds run by private-equity firms such as Blackstone Group LP (BX.N), Carlyle Group LLC and CVC Capital Partners Ltd, the paper said.

AIG Private equity is a Swiss investment company founded in 1999 by AIG’s private Swiss bank as a way of tapping into demand for capital by private-equity funds, the paper said. It is a separate business to AIG and operates as a fund-of-funds firm.

The paper said AIG declined comment. (Editing by Anshuman Daga)