AXA Private Equity, the private equity arm of French insurance group Axa, has scheduled a E120m ($140.1m) first close for its new fund of funds, AXA Private Equity Fund-of-Funds II, for July 2003.
The fund is targeted for a E250m final close, expected by the end of this year, according to a press release.
The fund is structured to make private equity fund investments in North America and the European Union, principally in the early secondary market, taking secondary positions in funds that are already 20 per cent to 50 per cent invested. AXA Private Equity Fund-of-Funds II will also make some primary fund commitments.
The new fund is supported a team of 25 professionals, headed by the executive committee of the fund-of-funds group comprising president Vincent Gombault, Christophe Florin, Stephan Illenberger and James Pitt from offices in London, New York, Paris and Frankfurt.
AXA Private Equity currently has E4.2bn under management. Last month, the firm agreed terms with FCI Group over the acquisition of an 85 per cent stake in its specialized connectors business Souriau. In April, AXA acquired a minority stake in aquarium and pond supply business Tetra from German and Northern European buyout fund Triton.