PRINT THIS PAGE

French AXA Private Equity closes AXA LBO Fund III on E500m

France-based AXA Private Equity has closed its AXA LBO Fund III on E500m after less than three months of fundraising. The fund held a first closing on E293m in mid December.

Pension funds have a higher share in the new fund (28 per cent) than in the second generation LBO fund (18 per cent) and family offices account for 9 per cent. By geographical area, the proportion of French investors has decreased from 56 per cent to 27 per cent, while the number of UK and Swiss investors has virtually doubled, up from 18 per cent to 35 per cent.

AXA Private Equity covers the entire spectrum of direct funds and funds of funds. Since raising its first LBO mid-cap fund in 1997, AXA Private Equity has closed 34 deals worth €491.8m, of which 29 were in France and five in Germany. Sixteen of these investments have been sold off, generating an IRR of 44.8 per cent and an exit multiple of 2.62x the initial investment.

Including its new fund, AXA Private Equity manages or advises funds with combined assets in excess of €7bn.

Copyright © 2005 AltAssets