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New York Times reported today that, Axa Private Equity, the buyout arm of the French group AXA, said Wednesday that it would buy a $1.7 billion portfolio from Citigroup of the bank’s stakes in various companies and private equity funds.
Axa said the deal, comprised of 207 stakes in buyout funds, was one of the largest transactions the secondary market for private equity stakes had ever seen.
For Citi, the sale is an exit from various investments of the bank’s proprietary capital, yet another withdrawal by an American bank from deploying its own funds in private equity.
Axa Private Equity itself bought $1.9 billion in private equity stakes from Bank of America a little more than a year ago, and has about $25 billion under management altogether.AXA Group holds about a one-third stake in most of Axa Private Equity’s funds as a limited partner.
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