AXA Private Equity Europe quadruples LBO assets under management Paris, Thursday December 21, 2000

AXA Private Equity Europe is an investment management firm whose capabilities span all aspects of Private Equity. With the second closing (€ 330 million) of its number two fund on December 18, 2000.

Having established a strong track record with its first fund, AXA Private Equity Fund takes a majority stake in its investments, generally middle-market to large European firms (valued at between € 40 million and € 300 million) active in virtually all business areas other than real estate. It operates in syndication with established partners that include the AXA Group, Bombardier Pension Funds, and the Caisse de Dépôt et Placement du Québec. These partners were already present in the first LBO fund, which AXA Private Equity Europe has been managing for three years.

This first fund has achieved an annual Internal Rate of Return (IRR) of 70%, measured on the basis of exits and conservative valuations of the remaining portfolio.This impressive performance is attributable primarily to the implementation of a successful build up strategy on Linedata Services, followed by an IPO in May, and to the sale of Lamy Lutti to the Dutch group Continental Sweets Netherlands in early 2000. Just three years after the first fund closed, investors have redeemed 68% of their called capital.

This undeniable success is part of the broader long-term development strategy of AXA Private Equity Europe and its range of private equity capabilities. Also active in Venture Capital and the secondary market, AXA Private Equity Europe will complete its second generation of funds in 2001. It currently manages or advises € 1.2 billion.