Caisse de Depot et Placement du Quebec and AXA, through its subsidiary AXA Private Equity, have decided to step up their joint private equity efforts in North America, Europe and Asia. The groups have been partners since 1996.
The agreement between the two groups has several components. First, the two organisations will consolidate their position in Europe’s medium-sized enterprise market through direct investments, funds of funds or a co-investment fund.
The second component calls for the development of an Asian fund through AXA Private Equity. Axa and Caisse de Depot et Placement du Quebec will be the two main partners in the fund. They will also work together to develop an investment structure for the medium-sized market in the US, through a fund of funds and a co-investment fund.
Caisse and AXA Private Equity also intend to share information on best management practices, especially through exchanges of personnel. However, both partners will maintain their independence in terms of conduct of business.
The two organisations will provide more than €1.5bn to implement this agreement.