AXA PE closes fourth fund on EUR1.6bn

01 June 2008

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Fund

AXA Private Equity has closed its fourth fund, AXA LBO Fund IV, on EUR1.6bn. The fund was launched in November 2007 and held a first and final closing. The new vehicle takes over from AXA's previous EUR500m fund raised in 2004 which is fully invested. Linklaters provided legal advice.

Investors

A total 95% of the investors in the previous fund have subscribed to the new fund, including cornerstone investor and parent company AXA whose investment constituted 20% of the total fund. Geographically, the investors came from France (10%), North America (25%), Asia (11%) and Switzerland (13%), while the rest of Europe invested 41%. Sector-wise investors included foundations (3%), pension funds (39%), banks (2%), government agencies (10%), family offices and private individuals (11%), funds-of-funds (16%) and insurance companies (19%).

Investments

The fund will be used for majority buyout operations in mid-sized companies in France, Germany and Italy valued at between EUR100m-EUR2bn. AXA LBO Fund IV will be used to make between 13-15 buyouts with an investment of EUR50-250m per deal. The fund is already 25% committed following investments in Diana Ingredients, Unipex and most recently Lowenplay, the German games arcade operator.

People

The fund will be managed by a 20-strong investment team through AXA Private Equity's offices in France, Germany and Italy. The management will be led by the Dominique Senequier, Stephane Illenberger, Dominique Gaillard and Vincent Gombault. Edouard Chapellier worked as legal counsel for Linklaters.

Name: AXA LBO Fund IV

Closed on: EUR1.6m

Focus: Buyouts

Contact: Dominique Senequier

Address: 20, place Vendome,

75001 Paris

France

Tel: +33 1 44 45 92 00

Fax: +33 1 44 45 93 31

Advisers: Linklaters (Legal).