Axa, LGT Capital Buy $901M PE Portfolio

Axa Private Equity and LGT Capital Partners have acquired a 620 million euro ($901 million) private equity portfolio from HSH Nordbank, Reuters reported Tuesday. Terms of the deal were not released. The deal is the latest in a string of purchases by Axa. The firm recently bought a $740 million portfolio from Barclays and a $1.7 billion portfolio from Citigroup. The HSH portfolio includes interests in 47 European private equity funds, Reuters wrote.

(Reuters) – Axa Private Equity and LGT Capital Partners have bought a 620 million euro ($901 million) private equity portfolio from HSH Nordbank , the German lender said on Tuesday.

The transaction, whose financial terms were not disclosed, is the latest in a series of purchases of private equity portfolios by Axa, which also bought a $740 million portfolio from Barclays and a $1.7 billion portfolio from Citigroup earlier this year.

The HSH portfolio includes interests in 47 European private equity buyout funds, the lender said.

HSH has been selling off non-strategic assets and restructuring under pressure from the European Union following a bailout of the bank during the financial crisis.

($1 = 0.688 Euros) (Reporting by Jonathan Gould; Editing by Erica Billingham)