AXA Private Equity buys 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 was funded by the AXA Secondary Fund II, a $480m secondary fund and 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 buyouts as well as some venture capital. The company 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% 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.

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