Diversity in our products, our European culture and our international reach have served AXA Private Equity well. The fundamentals of our investments are sound, and we remain focused on transforming companies structurally, strategically and in a sustainable way.

AXA Private Equity's extremely disciplined and independently recognized investment method, our non speculative positions and total transparency towards our clients have continued to stand us in a good stead. At the heart of our culture lies a commitment to sustainable partnerships with management teams and General Partners.

To prosper further, the private equity industry must embrace ethical principles. The pursuit of short-term profit of some has tarnished private equity's reputation and played havoc with many solid businesses. Every day we take the long term approach for our private equity investments.

Dominique Senequier
CEO