The portfolio to be acquired by AXA Private Equity include Citigroup’s 207 limited partnership interests in mostly buyout as well as some direct investments into the companies.
The acquisition does not include funds or investments managed by Citi Capital Advisors.
The private equity firm said the transaction does not impact client or employee funds managed or formerly managed by Citi.
Citi Holdings chief operating officer Mark Mason said this sale marks the completion of a significant share of Citi Holdings’ proprietary private equity investments and demonstrates the progress the Citi Holdings team is making in reducing non-core assets on our balance sheet.
AXA Private Equity managing director funds of funds Vincent Gombault said the Citigroup assets are some of the best-managed funds offering strong potential in terms of value creation.
In April, 2010, AXA Private Equity acquired $1.9bn of investments in private-equity funds from Bank of America.
