AXA Private Equity is past the half way mark as it bids to raise €2 billion for its new European buyout fund, according to a source close to the firm. Since fundraising began in earnest six months ago for AXA LBO Fund V, the firm has attracted €1.1 billion from LPs.
AXA PE expects to raise more capital for this vehicle than for its previous fund, the €1.6 billion AXA LBO Fund IV, a 2008 vintage, the source said. It is understood the fund will continue to make majority investments in businesses with an enterprise value between €100 million and €1 billion.
The firm, which declined to comment, held a first close on AXA LBO Fund V in March. It has already made three investments using the vehicle: in July, it bought French engineering company Fives in a secondary deal from Charterhouse Capital Partners for between €800 million and €900 million; in August, it acquired German pharmaceutical company Riemser Arzneimittel for an undisclosed sum; while in September, it bought a 66 percent stake in Limacorporate SpA, an Italian manufacturer of orthopaedic devices.
Additionally, the firm recently exited Unipex Group, a chemical company, which it bought in 2008 using its LBO Fund IV.