AXA Private Equity Raises New Secondaries Fund

AXA Private Equity, a division of French insurer AXA that is being reviewed for sale, is planning more deals in the secondary market , one of its executives said on Thursday, according to Reuters. AXA PE is raising a new fund for this market of existing private equity investments, on which it has spent $3.4 billion this year so far, writes Reuters.

(Reuters) – AXA Private Equity, a division of French insurer AXA that is being reviewed for a likely sale, is planning more deals in the secondary market and will invest similar amounts in 2012 compared with 2011, one of its executives said on Thursday.

AXA PE is raising a new fund for this market of existing private-equity investments, on which it has spent $3.4 billion this year so far. Previous deals include the $1.7 billion buyout of a Citigroup portfolio and the $1.9 billion purchase of funds from Bank of America.

“It’s difficult for me to talk about the deals as they have not yet been finalised,” Vincent Gombault, managing director for funds of funds, told Reuters on the sidelines of a private-equity conference.

Many banks and insurers are putting private-equity assets up for sale to free up capital ahead of tougher regulations that will make it more expensive to hold such investments.

Gombault declined to comment on the sale process of AXA Private Equity itself.