Paris-based AXA Private Equity has set up an office in Frankfurt and is about to hold a third closing of its second generation primary fund-of-funds.
Professionals at the firm’s new German base, along with the London and New York offices, will report into the Paris headquarters. The international teams will work together under the guidance of Dominique Senequier, chairman of the executive board. Dominique Gaillard, a member of the executive board, is responsible for all direct investment funds including LBO, venture capital and growth expansion. Vincent Gombault, also a member of the board will handle all primary and secondary fund-of-funds businesses including direct investment in private equity funds and the acquisition of equity interests from direct fund shareholders.
The firm launched Europe Select II and Americas Select II, its second generation primary fund of funds last December. With a combined target of $600 million, the funds have already held two closings. A third closing of $425 million is imminent with a final close expected by year-end.
Investors in the fund-of-funds include AXA with around a third of committed capital and the remainder from unaffiliated institutions worldwide including insurance companies, pension funds and banks.
Around 60% of the funds have been committed, in large part to mid-market buyout and development capital funds in the US and Europe. It will also be investing in a number of early stage venture capital funds.
The firm currently has funds under management exceeding euro4 billion in around 50 countries.