AXA Private Equity launches a Primary Fund of Funds in 2003 Paris, Monday December 2, 2002

AXA Private Equity announces the fund raising in 2003 of a primary Funds of Funds dedicated to US and Western Europe, with a target of $ 200 million.

This fund fits into AXA Private Equity strategy to concentrate all activities on developed countries mainly USA and Western Europe, and to benefit fully from synergies between secondary and primary activities. Furthermore James Pitt joined AXA Private Equity as head of London office. Frankfurt office has been reinforced, and AXA Private Equity created a Fund of Funds executive committee with Vincent Gombault, Stephan Illenberger and Christophe Florin.

Accordingly, AXA Private Equity ends for future funds its joint venture with American International General (AIG) Capital Partners.

AXA Investment Managers and AIG Capital Partners, two teams with established global reputations, linked up in January 1999 in a joint venture to create and manage funds of private equity funds. The collaboration was intended to blend AXA’s knowledge of Europe and USA with AIG Capital Partners’ expertise in emerging markets. Two generations of Funds of Funds were launched under the joint venture. But once AXA decided to withdraw from emerging markets and focus its Funds of Funds business on the US and Europe the joint venture with AIG no longer fitted its strategic priorities.