AXA Private Equity Funds under management exceed € 6.5 billion Paris, Tuesday November 30, 2004

AXA Private Equity today manages and/or advises private equity funds for investors worldwide in excess of € 6.5 billion.

The group has just successfully closed its third generation Secondary Fund of Funds, AXA Secondary Fund III, at USD 1.04 billion.

This fundraising coupled with the € 237 million raised for its Early Secondary Fund of Funds that was closed in June 2004, confirms AXA Private Equity's position as a world leader in the secondary market.

Of particular interest, the Early Secondary Fund, AXA Private Equity Fund of Funds II, has acquired a portfolio of 21 holdings in (mainly LBO) US funds from Deutsche Bank. The acquired investments involve total commitments worth USD 382 million that are less than 50% drawn-down and the deal rounds off the funds previous eight investments.

The AXA Secondary Fund III has already carried out a major transaction involving the acquisition of a portfolio worth USD 560 million from Crédit Agricole. The deal involves the acquisition of holdings in 23 mature LBO funds in the USA and Europe and a portfolio of equity investments in 57 French companies.

Most of AXA Private Equity's international clients that have already invested in the first two generations of funds have demonstrated their confidence in AXA Private Equity by investing in this new fund.

This exceptional performance confirms the growing interest from major institutional investors in a partner like AXA Private Equity which is directly present in the main international financial markets covering the entire spectrum of Direct Funds and Funds of Funds.