The secondary fund investment team of AXA Private Equity and Paul Capital Partners have re-enforced their alliance with news that they are to assign a further $1.3bn to secondary private equity transactions.
The two companies say they are focusing their investment strategy on the acquisition of portfolios of partnership interests in private equity funds, which will offer investors earlier and more predictable liquidity from these long-term investments.
The alliance between AXA Private Equity and Paul Capital Partners has in the past three years produced over 20 secondary acquisitions worth around $640m. The portfolio consists of interests in more than 170 private equity funds, mainly in the US and Europe.
AXA Private Equity, an investment management company within the AXA Group, covers all investment capital fields (LBO, venture capital, growth capital, recovery, primary and secondary fund of funds). The group manages funds in excess of E4bn and has clients in approximately 50 countries.
US-based Paul Capital Partners, founded in 1991, has raised over $2bn in capital across three private equity areas: secondary interests, a primary venture fund of funds and the acquisition of healthcare royalty interests. The firm has completed over 70 secondary market acquisitions from primary investors, consisting of over 230 funds with more than 2,000 underlying portfolio companies.