Private Equity: AXA focuses in on private equity

AXA Investment Managers has decided to refocus its private equity activities which were run solely out of the firm’s Paris office until earlier this year. Instead all of AXA Investment Managers private equity portfolio has been transferred into a subsidiary of AXA Investment Managers, which is called AXA Investment Managers Private Equity. Some operations – namely the firm’s direct investment activities – have remained in Paris but direct investment is also now handled out of the firm’s London office and in time will also be done from Germany. AXA Investment Managers Private Equity plans to open an office in Frankfurt later this year.

Other plans for this year include the raising of a further general buyout fund targeted at continental Europe. Around 75 per cent to 80 per cent of AXA Investment Managers Private Equity’ current buyout fund, which raised EURO100 million, is committed. The new fund will look to raise a large amount. The firm has stated its intention to double its assets under management over the next three years.

Also on the horizon are alliances with venture capital players in countries where AXA Investment Managers Private Equity is keen to invest but does not have a presence on the ground.

The firm’s fund-of-funds management is based in both the London and New York offices. The fund-of-funds raised $600 million in 1999.