OMERS Private Equity and AXA Private Equity have signed a definitive agreement in connection with the sale by OMERS to AXA Private Equity of a portfolio of 11 private equity fund investments, and the related unfunded commitments.
The portfolio of entirely buyout funds, in aggregate, represents a total size of approximately USD850m in original commitments, in predominantly North American and global funds.
Paul Renaud (pictured), chief executive officer, OMERS Private Equity, says: “This transaction is consistent with OMERS strategic shift towards direct investing.”
Following on from AXA Private Equity’s USD1.7bn acquisition of private equity assets from Citigroup in June 2011, and its USD740m acquisition of private equity assets from Barclays in June 2011, this latest transaction continues the firm’s secondary funds strategy to offer liquidity to large institutions looking to monetize their private equity investments.
Benoit Verbrugghe, senior managing director and head of North America for AXA Private Equity says: “This is a large and significant transaction where we have excellent visibility on the assets, especially given that we are an existing investor in many of the funds.
“Having an international team with global reach gives us excellent perspective on pricing and quality, allowing us to be opportunistic on behalf of our investors and reinforce our strategy of buying excellent quality assets. It enables us to deliver a global solution to the seller in an efficient and discreet manner.”
