(MENAFN) Axa Private Equity gathered USD7.1 billion from outside investors, as it seeks to buy stakes in buyout funds, the Financial Times reported.
The cash is twice the amount Axa originally expected, reflecting the increase in interest from financial groups such as pension funds, insurance companies and banks to amend or sell off their private equity positions.
The investment arm of the French insurance group said it will target investors looking to cash out from buyout funds such as KKR (KKR) and Permira, the report said.
The trend has been driven by regulatory changes where capital requirement rules have made it more expensive for banks and financial institutions to own illiquid and relatively risky private equity positions. These firms are now selling their private equity interests at a discount.
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