AXA Buys $1.9B Bank of America Portfolio
PARIS (
) -- AXA Private Equity, a European private-equity firm, acquired a $1.9 billion portfolio of limited partnership interests in private-equity funds from
Bank of America
(BAC) - Get Report
.
AXA Private Equity, a division of AXA of France, said the portfolio "substantially strengthens" its position in the U.S. It called the transaction one of the "largest secondary private equity transactions in history."
Terms of the purchase weren't disclosed, but AXA said the deal involves a high-quality, mature buyout funds portfolio.
Bank of America said the deal allows it "reduce its private equity fund investments and unfunded commitments and manage its risk-weighted capital over the long-term, while also allowing the bank's private-equity team to focus on its core investment business."
-- Reported by Joseph Woelfel in New York.
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