AXA Private Equity nears $3bn for fifth fund

The firm’s fifth secondaries fund of funds, launched late last year, is approaching its $3.5bn target.

AXA Private Equity is expected to collect $3 billion for its fifth secondaries fund of funds by the end of July, a source with knowledge of the situation told Private Equity International.

AXA’s fifth fund of funds has a target of $3.5 billion and a hard-cap of $4 billion. As of November 2010, the fund had ‘positive signs’ for about $1.7 billion in commitments. AXA is not using a placement agent for the fundraising.

The firm closed its fourth secondaries fund of funds on $2.9 billion in 2007. Using capital from Fund IV, AXA PE made one of the largest-ever secondaries buys last year when it acquired a $1.9 billion portfolio of fund interests from Bank of America.

About $400 million of that price was syndicated out to LPs in the fund, a source with knowledge of the deal told Private Equity International.

AXA Private Equity has approximately $28 billion under management in total, which it invests across private equity – both via direct investments and fund commitments – infrastructure and mezzanine.

The firm is backed by French insurance giant AXA, but has external investors in its family of funds. AXA PE has offices around the world, including London, Paris, New York, Singapore and Vienna. The firm is led by Dominique Senequier, who is chair of the executive committee and chief executive officer.