Uniqa sells private equity funds of 400 mln euros – Reuters

(Reuters) – Austria’s Uniqa Insurance said it had agreed to sell a portfolio of private equity funds with a total volume of around 400 million euros ($532 million) to a number of investors.

The company, which is concentrating on its core insurance business in its main markets of Austria and central and eastern Europe, said on Friday the sale was a further step in the implementation of its new investment policy.

Uniqa said the transaction was subject to the usual conditions and would occur in phases, with the initial completion expected to take place before the end of this year.