AXA Private Equity announces the closing of second secondary fund at US $480 million Paris, Thursday November 29, 2001

AXA Private Equity, an investment management firm specialized in all aspects of private equity investing (LBO, Venture, Expansion, Recovery, Fund of Funds), announces the closing of the second-generation secondary funds on which it advises, after successfully raising US $480 million (exceeding the original target of US $350 million). Secondary funds buy equity investments owned by shareholders in primary or directly invested funds.

AXA Private Equity decided to repeat its secondary fund advisory role in March of this year after US $ 220 million was successfully raised on the first secondary fund. The second secondary fund specifically targets deals between US$ 1 million and 100 million.

A number of large international investors are participating, including several North American pension funds; Bombardier Pension Funds; the Caisse de Dépôt et Placement du Québec, which had already invested in first and second generation LBO funds raised by AXA Private Equity; and several European insurers. The regrouping of all international primary Fund of Funds business (direct investment in private equity funds) and secondary funds business establishes AXA Private Equity as one of the world’s leading players in this market. Its extensive geographic scope encompasses offices in London, Frankfurt and New York that have direct ties to the head office in Paris.

This latest success is consistent with the steady growth achieved by AXA Private Equity in all its businesses. AXA Private Equity, one of the only international players in the business to cover the full spectrum of private equity investing, is currently present in more than 80 companies. It has more than US $4 billion under management or advisory, and works in approximately 50 countries with some of the world’s largest international investors.