Axa spins off private equity unit
Axa Private Equity - now renamed Ardian - has completed its spin-out from the Axa Group in deal which values the unit at EUR510 million ($690 million).
Axa - which will retain a 23% stake in the unit - has reaped a EUR200 million capital gain from the sale, according to a statement. Ardian management will form the largest shareholding group, holding 46% of the company.
Axa will remain major financial sponsor of the unit, agreeing to commit EUR4.8 billion to new funds managed by Ardian over the next five years. Remaining shareholders include European institutions and French family offices, which will collectively hold a 31% stake in the company.
Ardian was first set up as Axa Private Equity in 1996 and is led by Dominique Senequier. The firm has $36 billion in assets under management making it one of the largest private equity firms in Europe. Ardian has more than employees working through ten offices in Beijing, Frankfurt, Jersey, London, Luxembourg, Milan, New York, Paris, Singapore, and Zurich.
Axa is the latest French financial group to retreat from private equity following banks such as Credit Agricole and BNP Paribas.
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