AXA Private Equity and Paul Capital Partners extend alliance

AXA Private Equity and the US secondaries player Paul Capital Partners have extended an existing alliance for investment in secondary fund positions. Under the terms of the alliance, both companies share in limited partnerships and direct investment portfolios, thereby offering their investors earlier and more predictable liquidity from long-term investments. Together, AXA Private Equity and Paul Capital Partners employ 25 professionals in the secondary arena throughout the world and have offices in Paris, San Francisco, New York, London and Frankfurt. Within the framework of their alliance the two institutions have already executed over 20 secondary acquisitions representing $640 million in investments over a period of three years and have developed a portfolio consisting of interests in more than 170 private equity funds, such as Matignon and Warburg, mainly in the USA and Europe. With $1.3 billion available for secondary private equity transactions, they are believed to have the largest amount of capital available for such purchases, and could become one of the top three international players in the secondaries market.

Individually, both AXA Private Equity and Paul Capital Partners are important players in the secondaries market. The AXA Secondaries Fund II closed on $480m in early 2002, far exceeding its original target of $350m. Meanwhile, Paul Capital Partners, which established a Paris office in 1996 through a merger with Financières Tuileries, now has over $2bn in funds under management and holds over 2000 limited partner interests worldwide. It has seven funds focusing on secondary positions, the last of which closed in August 2001 at $800m. Around 30-40% of its secondary activity concentrates on Europe.

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