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AXA Private Equity buys German BdW’s portfolio of direct investments

The secondary unit of French firm AXA Private Equity has bought German firm BdW and its portfolio of 45 direct investments from parent Allianz Group. The transaction demonstrates AXA’s growing interest and range in the secondaries market.

BdW is one of the oldest German private equity groups, specialising in expansion financing and leveraged buy-outs as well as some venture capital. It currently holds more than 45 investments in private companies and has around E200m on its balance sheet.

Details of the transaction were not disclosed.

The sale was precipitated by Allianz’s takeover of Dresdner Bank, which had a 45 per cent share of the business and has now determined to focus on its core activities. All the group’s private equity activity is now centred on Allianz Capital Partners.

Many secondaries sales of the past 18 months have resulted from the vendors’ desire to refocus on core activities. Earlier this week, UK bank Abbey National announced the sale of a large chunk of its private equity fund investments as part of its restructuring.

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