Axa Investment Managers (Axa IM) is creating a business unit to focus on private markets, hosting the private markets fund of fund business the Axa Group has been building with Axa IM Alts since 2013.
Axa IM Prime will gather indirect alternative investment expertise such as primary and secondary private equity and infrastructure, general partnership (GP) minority stakes, private debt, fund of hedge fund, fund financing and co-investments.
For these activities, assets under management stand at roughly €20 billion as at end 2021, €12 billion of which is already managed by Axa IM.
Axa IM Prime will be led by Axa Group CIO Pascal Christory, who will join the Axa IM management board reporting to Marco Morelli, executive chairman.
Four Axa Group investment professionals currently leading infrastructure, private equity and private debt investment would also join Axa IM Prime as heads of the different businesses.
Mirroring the Axa IM Alts and Axa IM Core organisations, a dedicated sales force will also be created for Axa IM Prime.
Morelli said: “This new business unit would benefit from the ESG expertise, scale, operating model and organization of Axa IM to accelerate its growth. It would complement the solid direct alternative investment offer we already provide to our clients through Axa IM Alts, for which we continue to have extensive development goals across our geographies.”
The brand Axa IM Prime is derived from the name ‘Axa IM Private Markets Enabler’.
According to Axa IM, the creation of the business unit is currently being discussed with employee representatives.
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