AXA buys BoA's $1.9bn private equity secondary interests

The deal will see AXA acquire the bank's portfolio of commitments in undisclosed mature buyout funds.

The transaction is dubbed to be largest, post-crisis secondary interest deal, and is part of BoA's strategy to reduce its private equity fund investments and unfunded commitments, as it works to manage its long-term risk-weighted capital.  

The bank said offloading the secondary interest will also enable its private equity team to focus on core investments. The sale comes as the US Government works on plans to review banks' investments in private equity and hedge funds.

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