Electra invests in Steadfast

UK firm Electra Partners has acquired AXA Private Equity's stake in Steadfast Capital Fund I for EUR45m. In acquiring a significant interest in the fund, Steadfast becomes Electra's German investment partner of choice.

In February 2006, Steadfast Capital I was sold by ING, ING BHF-Bank's parent, to a consortium led by AXA and including Paul Capital Partners and Credit Suisse First Boston Strategic Partners. The sale was agreed in late 2005 and released ING from a commitment to provide up to EUR305m for the fund. Sale of the Steadfast fund followed the divesture of most of ING's German unit. As part of the synthetic secondary deal, ING agreed to commit EUR110m to Steadfast's second fund, while the secondary firms in the consortium agreed to invest between EUR60-100m for the fund, which was expected to raise between EUR200-250m in 2006. Steadfast closed its second fund on EUR193m in June 2007.

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