First closing of AXA Private Equity Fund of Funds II Paris, Wednesday June 4, 2003

AXA Private Equity, the market leader in investing in unlisted companies, has scheduled the first closing of its new primary Fund of Funds, AXA Private Equity Fund of Funds II, for July 2003 for an expected initial close of € 120 million.

AXA Private Equity Fund of Funds II has a targeted size of € 250 million for its final closing, expected by the end of this year.

The 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 already 20% to 50% invested). AXA Private Equity Fund of Funds II 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.

The new fund is managed in accordance with AXA Private Equity’s core values of professionalism, rigour and transparency. It is supported from offices in London, New York, Paris and Frankfurt and a dedicated team of 25 professionals, headed by the executive committee of the Fund of Funds group comprising Vincent Gombault (President), Christophe Florin, Stephan Illenberger and James Pitt.