AXA Private Equity Pays $1.7B for Citi PE Assets

AXA Private Equity is paying $1.7 billion for a portfolio of private equity assets owned by Citigroup, the companies announced Wednesday. The deal is the latest move by Citigroup to unload non-core assets. The portfolio includes 207 limited partnership interests in buyout funds, as well as investments that were made directly into certain companies, the bank said. For Axa, the deal follows its recent strategy of snapping up private equity assets from other investors. The company paid $1.9 billion to acquire private equity funds from Bank of America in April 2010.

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