Axa closes $480m secondaries fund

Axa Private Equity's new secondaries fund is $130m oversubscribed, as investor demand for the product remains strong.

Axa Private Equity has closed its second secondaries fund at $480m. The firm, which is part of Axa Group in Paris, raised $130m more than initially planned for the fund, a reflection of the strong demand that secondary players continue to attract from institutional investors.

Other secondaries specialists currently raising capital include Lexington Partners, the US firm which is raising a $2.5bn vehicle, and Coller Capital, the London-based firm that is out looking for $1bn in commitments.

Participating investors in Axa’s new vehicle include Bombardier Pension Funds, the Caisse de Dépôt et Placement du Québec, the Wellcome Trust and Fondation of Québeck City. A number of European insurance companies also invested.

All the investors that had participated in Axa’s first secondaries fund, a fully invested $220m vehicle that was raised in 1998, committed to the new fund.

Axa Private Equity has more than £$4bn under management and offices in Paris, London, New York and Frankfurt. It invests in buyouts, venture capital, turnarounds and runs a private equity fund of funds business. It recently carried out an internal restructuring of its fund of funds and secondaries which is understood to not have led to redundancies. Charles Flynn, who has built up Axa’s fund of funds operation together with Sasha van der Water, recently left the firm to work for Deutsche Bank in New York.