Coller Capital buys Crédit Agricole Private Equity

Coller will also take ownership of the funds CAPE manages, thereby reducing the latter's risk-weighted assets by around EUR900 million ($1.17 billion). Media reports valued the transaction at around EUR300 million.

In selling off its private equity unit and fund interests to optimize capital allocation and refocus its PE activities on local business, CAPE appears to be following in the footsteps of a number of financial institutions across Europe and the US. The moves are seen as a response to the stricter capital requirements that come with Basel III and the curbs on investments in alternative assets prescribed by the Volcker rule.

A generalist fund manager, Paris-based CAPE is active in small- and mid-cap LBOs and venture and mezzanine investments. It currently manages EUR3.7 billion worth of capital across several funds and employs a staff of 95.

In September, insurance group AXA confirmed that it is reviewing options for the sale of its private equity unit. At the time, a Paris-based GP told AVCJ's sister publication, unquote", that he didn't rule out a valuation in the region of EUR600 million.

AXA Private Equity has itself been an active buyer of banks' PE portfolios, spending more than $5 billion in the 18 months to August on assets sold off by the likes of Barclays, Citi and Bank of America Merrill Lynch (BofAML). Lexington Partners also been busy, spending more than $1.9 billion last year on portfolios put up for sale by Lloyds and BofAML and teaming up with StepStone to purchase of $1.1 billion in private equity assets from Citigroup.

Last month, Barclays sold Barclays Private Equity to its management team, to form a new entity named Equistone. The value of the gross assets disposed of was approximately GBP45 million.

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• Topics
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