A unit of AXA Funding Managers has agreed to accumulate a minority stake in Rivage Funding, a specialist non-public credit score agency centered on infrastructure debt that oversees greater than €7.7 billion ($8.3 billion) in dedicated capital.
AXA IM Prime, as a part of a brand new technique to purchase minority stakes typically companions of personal capital companies, is taking a 20% stake in Rivage, based on an announcement seen by Bloomberg Information.
It goals to assist speed up the French agency’s development with new initiatives and worldwide growth. On behalf of its purchasers, AXA IM Prime will even put cash in a few of Rivage’s infrastructure debt methods.
Different asset managers are more and more seeking to promote minority stakes in alternate for funds to again new methods or spend money on new funds, amongst different choices.
Rivage, which launched its first fund in 2013, affords a broad vary of sustainable credit score methods from investment-grade public sector and core infrastructure debt to high-return senior secured financing, in addition to influence local weather options.
AXA IM Prime is seeking to increase about €400 million for its first GP stakes fund, based on an individual aware of the matter. It has already raised not less than €200 million of that concentrate on and has dedicated capital to a number of different non-public asset managers, apart from Rivage, the particular person stated. AXA IM Prime declined to touch upon the fundraising plans.
AXA IM Prime, which was launched in 2022, has about €36 billion of property below administration. It’s the non-public markets and hedge funds unit of AXA Funding Managers, the funding arm of insurance coverage big AXA SA.
{Photograph}: AXA branding. Photograph credit score: Marco Bertorello/AFP/Getty Pictures
Copyright 2024 Bloomberg.
Matters
Mergers & Acquisitions
AXA XL
Fascinated with Mergers?
Get automated alerts for this matter.
