{"id":438474,"date":"2011-06-09T06:00:00","date_gmt":"2011-06-09T06:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/09\/citigroup-sells-private-equity-assets-to-axa-unit\/"},"modified":"2011-06-09T06:00:00","modified_gmt":"2011-06-09T06:00:00","slug":"citigroup-sells-private-equity-assets-to-axa-unit","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/09\/citigroup-sells-private-equity-assets-to-axa-unit\/","title":{"rendered":"Citigroup sells private equity assets to AXA unit"},"content":{"rendered":"

\n<\/p>\n

Paris: Citigroup has agreed to sell a portfolio of private equity assets to AXA Private Equity for $1.7bn, Reuters reported on Wednesday. The French insurer said on Wednesday that this was the latest move by the United States bank to unload non-core assets.<\/span><\/p>\n

For AXA Private Equity, the deal is part of a series of acquisitions of private equity investments originally owned by other investors, including the purchase of a $1.9bn portfolio from Bank of America in April 2010.<\/span><\/p>\n

AXA and other funds who have been buying private equity portfolios on the secondary market are betting that such assets \u2013 which have begun to recover since the 2008 financial crisis \u2013 will appreciate further and that they can extract more value from them.<\/span><\/p>\n

AXA Private Equity Chief Executive Officer, Mr. Dominique Senequier, said in a conference call that she expected further acquisition opportunities as US banks \u2013 which are restricted under the Dodd-Frank financial reform law to investing three per cent of their Tier 1 capital in private equity and hedge funds \u2013 further cut such holdings, now at an average level of eight per cent.<\/span><\/p>\n

\u201cWe know that in the next four to five years, the secondary asset market will total over $30bn,\u201d she said, adding that AXA had been in exclusive negotiations on the portfolio with Citigroup since April.<\/span><\/p>\n

The Citigroup portfolio comprises 207 stakes in various buyout funds as well as some direct stakes in companies, AXA said, adding that Citi \u2013 which has been looking to focus on its core businesses \u2013 was financing the purchase.<\/span><\/p>\n<\/div>\n<\/p>\n

Originally posted here:
\nCitigroup sells private equity assets to AXA unit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Paris: Citigroup has agreed to sell a portfolio of private equity assets to AXA Private Equity for $1.7bn, Reuters reported on Wednesday. The French insurer said on Wednesday that this was the latest move by the United States bank to unload non-core assets. For AXA Private Equity, the deal is part of a series of acquisitions of private equity investments originally owned by other investors, including the purchase of a $1.9bn portfolio from Bank of America in April 2010. <\/p>\n","protected":false},"author":0,"featured_media":438461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-438474","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entertainment"},"yoast_head":"\nCitigroup sells private equity assets to AXA unit - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/09\/citigroup-sells-private-equity-assets-to-axa-unit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Citigroup sells private equity assets to AXA unit - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Paris: Citigroup has agreed to sell a portfolio of private equity assets to AXA Private Equity for $1.7bn, Reuters reported on Wednesday. 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