AXA launches Asia fund of funds

The Paris-based private equity group has launched its first Asian fund of funds with a closing target of between $150 million and $200 million.

According to reports, AXA Private Equity has launched its debut Asian fund of funds with a target of up to $200 million.

The group is intending to open a Singapore office in September, which will be overseen by existing managing director Christophe Florin. The office is expected to employ between eight to ten investment professionals and target investments in China, Japan, Korea, India and Australia.      

It is understood that AXA Private Equity has already identified two funds for allocations: the recently closed $1.975 billion CVC Asia Pacific buyout fund and the $310 million fund being raised by Beijing-based private equity firm CDH China. The latter recently announced it had received a $45 million investment from 3i, the London-listed global private equity group.

AXA, the parent company of AXA Private Equity, is believed to have become the fund of funds’ first LP. It is expected to commit around half of the total, with the rest being sought from pensions, insurance companies, government organisations, family offices and high net worth individuals.

AXA Private Equity, which has around $9 billion in assets, makes primary investments in buyouts and venture capital as well as investing through funds of funds and secondary vehicles.