AXA Private Equity has launched its fifth secondaries fund of funds with a target of $3.5 billion, and a hard cap of $4 billion, according to people with knowledge of the fundraising.
The firm already has positive signs for $1.7 billion, one person said. AXA Private Equity declined to comment.
AXA Private Equity closed its fourth secondaries fund of funds on $2.9 billion in 2006. Using capital from Fund IV, AXA PE made one of the largest-ever secondaries buys earlier this year when it acquired a $1.9 billion portfolio of fund interests from Bank of America.
About $400 million of that price was syndicated out to LPs in the fund, a source with knowledge of the deal told PEO.
AXA Private Equity has around $25 billion under management in total, which it invests across private equity – both via direct investments and fund commitments – infrastructure and mezzanine.
The firm is backed by French insurance giant AXA, but has external investors in its family of funds. AXA PE has offices around the world, including London, Paris, New York, Singapore and Vienna. The firm is led by Dominique Senequier, who is chair of the executive committee and chief executive officer.