
UK & Ireland unquote" 13 June 2011
AXA Private Equity has paid $1.7bn for Citigroup’s portfolio of limited partner interests.
]This sizeable deal comes a year after AXA paid a similar amount for Bank of America’s private equity portfolio, which drove last year’s secondaries total to break the $20bn barrier for the first time.
A number of factors came together to make this happen: firstly, pricing reached a level whereby people were willing to transact. Secondly, LPs were – and are – rectifying their portfolios, which is fancy speak for trying to shed some unsavoury investments from 2006 and 2007.
In the 13 June edition of UK & Ireland unquote":
* Mezzanine: Waiting for the rain
* French activity catching up to UK
* Large exits on the rise
* And more...
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