A cross-office Baker & McKenzie team has advised AXA Private Equity on its USD740 million purchase of a portfolio of funds interests from Barclays.

The transaction, which was announced today, will see AXA Secondary Fund V acquire a portfolio of 22 limited partnership interests in private equity buyout funds, as well as a number of stakes in co-investment vehicles. It is the latest in a number of major acquisitions undertaken by AXA Private Equity’s secondary fund of funds and continues its strategy of offering liquidity to large institutions looking to monetise their private equity investments.

Baker & McKenzie Paris Private Equity Partner Bruno Bertrand who led on the transaction said, “This is a very significant transaction in what continues to be a very buoyant secondary transactions market. We’re delighted to have been able to partner with AXA Private Equity again on this latest transaction.”

Earlier this month, Baker & McKenzie advised AXA Private Equity on its USD1.7 billion purchase of leveraged buyout assets from Citigroup Inc.  This followed its USD1.9 billion purchase of an investment portfolio from Bank of America in April 2010 and its acquisition of a USD779 million major stake in the private equity holdings of French bank Natixis. Baker & McKenzie advised AXA Private Equity on all of these transactions, which are among the largest ever secondary private equity transactions. 

The Baker & McKenzie team was led by Bruno Bertrand and included London Private Equity Partner James Burdett, London Tax Partner James MacLachlan assisted by Paris Counsel Frédéric Moulin, Paris Associates Benoit Champon, Adrien Descoutures and Gonzague Basso and London Associates Priya Kumar and Victoria Dockrell.

AXA Private Equity is a leading private equity firm with USD25 billion in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.

 

Burness provided Scottish law advice to AXA Private Equity. Freshfields Bruckhaus Deringer and Brodies advised Barclays.