AXA Private Equity has signed an agreement to purchase a $1.7 billion portfolio of limited partnership interests in private equity buyout funds and direct stakes in companies from Citigroup.

This deal represents one of the largest-ever secondary private equity transactions and comes on the heels of AXA’s acquisition of $1.9 billion of private equity funds from Bank of America in April 2010.

“This is the culmination of a highly collaborative and close working relationship with Citigroup,” said Dominique Senequier, chief executive officer of AXA Private Equity. “Because of our approach, combined with our proprietary database, we were able to offer a global solution to Citi. The excellent visibility of the quality of the assets enables us to offer a fair price.”

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.