AXA Private Equity acquires a US$ 382 million commitments portfolio of funds from Deutsche Bank Paris, Tuesday October 26, 2004

AXA Private Equity has bought a portfolio of 21 Limited Partnership interests in Private Equity funds from Deutsche Bank. The transaction represents US-$382 million of commitments, overall less than 50% funded. The portfolio is made of well established US funds, mainly buy-out.

The global transaction took place a few months after closing of AXA Private Equity’s € 250 million early secondary Fund of Funds which committed US-$ 120 million in this transaction. This complements 8 investments already made by the fund.

By selling this portfolio of largely unfunded LP interests Deutsche Bank continues its strategy of reducing its principal exposure and capital commitment to Private Equity.

AXA Private Equity’s early secondary fund is structured to make private equity fund investments in North America and the European Union and is principally seeking to invest in the so-called early secondary market (taking secondary positions in funds that are only 20%  to 50% invested). This fund will also make some primary fund commitments. The fund is a component of AXA Private Equity’s strategic focus on private equity in North America and the European Union and leverages on the considerable synergies between AXA Private Equity’s primary and secondary Funds of Funds. These funds meet investors’ very specific requirements for enhanced returns, increased liquidity and appropriately managed risk diversification by manager, underlying fund vintage and geography.

About Deutsche Bank

With roughly € 849 billion in assets and approximately 65,700 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe.