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 Bank of America Corp 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."
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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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