AXA eyes €1bn-plus for Fund III

In a sign that the private equity firm is placing increased focus on the asset class, AXA Private Equity could double its infrastructure assets under management with its latest fundraise.

AXA Private Equity is in pre-marketing stages for a €1 billion-plus infrastructure fund, Infrastructure Investor has learned. If successful, AXA would more than double its infrastructure assets under management, which currently stand at some €1.3 billion across two funds.

Fund III will follow the same strategy as its two predecessors, focussing on investments in core infrastructure investments across Europe, in France, Italy, Germany and the UK.

AXA Private Equity launched its infrastructure business in 2005. Since its inception the Infrastructure team has invested over €400 million in five transactions, according to the firm’s website.

AXA Private Equity has around $26 billion under management in total, which it invests across private equity – both via direct investments and fund commitments – infrastructure and mezzanine.

In August last year it acquired Kallista Energies Renouvelables and Kallista France, the French wind assets of Babcock & Brown International Group. Earlier in 2009, it teamed up with Italian industrial group Tozzi to invest in a bundle of renewable energy projects in Italy.