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Axa acquires USD1.9bn private equity portfolio from Bank of America

Axa Private Equity has acquired a USD1.9bn portfolio of limited partnership interests in private equity funds from Bank of America.

Axa says this represents one of the largest secondary private equity transactions in history.

The portfolio strengthens Axa Private Equity’s position in the US and adds to a series of private equity transactions the company has negotiated around the globe in April totalling more than USD2.6bn.

Vincent Gombault (pictured), managing director fund of funds at Axa Private Equity, says: “We are very pleased to have concluded this acquisition. This diversified portfolio, consisting of commitments in some of the best-managed funds, offers strong potential in terms of value creation for our investors. Over the last two years we have remained very cautious in our approach. Today we feel the market conditions are right to make acquisitions such as the one we’re announcing today.”

Jim Forbes, global principal investments executive at Bank of America, adds: “The transaction allows Bank of America to reduce its private equity fund investments and unfunded commitments and manage its risk-weighted capital over the long-term, while also allowing the bank’s private equity team to focus on its core investment business.”

Earlier this week, Axa Private Equity completed a transaction with French bank Natixis to acquire private equity holdings valued at approximately EUR534m (USD718m).

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