Pitt to swap AXA for Lexington Partners

The former London MD of AXA Private Equity’s fund of funds arm is understood to be joining the US-based firm to launch a European co-investment fund.

James Pitt, formerly a managing director of primary funds at AXA Private Equity, is reportedly joining the London office of US-based private equity firm Lexington Partners.
 
According to Financial News, Pitt will join Lexington Partners next month to launch a co-investment fund dedicated to Europe. At the London office, Pitt will report to partner Marshall Parke. Calls to Lexington Partners were not returned.
 

Pitt: formerly MD of AXA PE’s fund of funds business in London

AXA Private Equity, the private equity arm of the French insurer, last week confirmed that both Pitt and fellow managing director David Hutchings had left its European fund of funds business as part of a restructuring.
 
Pitt began his career as a management consultant at Arthur D. Little in London before working at Morgan Stanley as a senior member of the M&A and leveraged finance departments in London and New York. In 2000, he became managing director of European direct investments at US-based private equity firm Whitney & Co, before joining AXA Private Equity in 2002.
 
Lexington Partners’ co-investment division makes equity co-investments alongside buyout and growth capital sponsors in the US. The division currently has committed capital of $500 million ($415 million) and has, to date, invested in 48 companies alongside 44 financial sponsors. According to the firm, co-investment transactions are typically between $20 million and $100 million.
 
Lexington Partners is also active in the secondaries market and is understood to be currently raising a $3 billion secondary fund. Last February, Lexington Partners teamed up with AlpInvest Partners to acquire the private equity interests of Ohio-based utility DPL in a $1.2 billion deal.