AXA Private Equity and LGT in €620m secondaries deal

AXA Private Equity acquired 18 different limited partnerships focused on European mid- and large-cap buyout funds. The portfolio represents €478m in original commitments.

LGT's share of the portfolio consists of €369m of original commitments from 29 limited partnerships focused on European small- and mid-market buyout funds.

The transaction marks a hat-trick of sizeable secondaries deals in recent weeks for AXA Private Equity: the firm bought a $1.7bn portfolio of assets from Citigroup and a $740m private equity portfolio from Barclays in June.

AXA Private Equity is among other private equity players looking to benefit from banks set to offload their private equity portfolios – a trend it doesn't see subsiding in the near future.

People
Vincent Gombaud led the deal for AXA Private Equity. LGT was represented by Ivan Vercoutere.

Advisers
Equity – Baker & McKenzie, Bruno Bertrand (Legal).
Vendor – UBS (Corporate finance); SJ Berwin (Legal).

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