French asset manager AXA Investment Managers (AXA IM) has purchased W Capital Management (WCP), a US-based private equity firm.
No financial details of the purchase were disclosed, although AXA has committed US$200 million to WCP’s secondaries investment strategy.
As a result of the investment, WCP will sit within AXA IM Prime, the French firm’s private markets and hedge fund platform.
The deal, which is expected to be completed in Q2, 2024, sees AXA IM further develop its private markets offering.
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The private equity secondaries sector raised US$85 billion in 2023 and saw $111 billion of transaction volumes.
The acquisition also bolsters the firm’s presence in North America, including the US which is a key region for secondaries investing.
“We are delighted to join forces with W Capital Partners, which is well-established in the US and known for its strong expertise,” said Marco Morelli, executive chairman of AXA IM.
“We had identified GP-led and direct secondaries as a key strategy for our portfolio of private equity products and had been looking for an approach that would combine the right levels of creativity, valuation skills and structuring expertise,” added Pascal Christory, chief executive of AXA IM Prime.
