AXA Investment Managers’ private markets unit, AXA IM Prime, has acquired a 20% stake in Rivage Investment, a French private credit firm specialising in infrastructure debt, which oversees more than €7.7bn ($8.3bn) in committed capital, according to a report by Bloomberg.
The acquisition is part of AXA IM Prime’s new strategy to purchase minority stakes in general partners of private capital firms, according to a statement. The investment will be used to accelerate Rivage’s growth through new initiatives and international expansion, while AXA IM Prime also plans to invest in some of Rivage’s infrastructure debt strategies on behalf of its clients.
Rivage, which launched its first fund in 2013, offers credit strategies including public sector and core infrastructure debt, high-return senior secured financing and impact climate solutions.
AXA IM Prime is currently raising approximately €400m for its first GP stakes fund, having already secured at least €200m and committed capital to several other private asset managers besides Rivage.
