The investment arm of insurance firm has raised the above said fund to cash on secondary deals in buyout funds such as KKR and Permira, according to Financial Times.
Axa Private Equity head of fund of funds Vincent Gombault was quoted by FT as saying, "The banks are natural sellers of private equity, and this will continue for the next two to three years."
Gombault estimates that in the coming years, $40bn-$50bn in secondary deals will be put up for sale.
Changes to capital requirement rules in the recent past and the yet to be implemented Volcker rule in the US have surged interest from financial firms including pension funds, insurance companies and banks to dispose their equities.
Recently, Bank of America Merrill Lynch had offloaded its exposure by divesting more than $1bn while BNP Paribas mulls to take off its $700m exposure.
