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AXA Private Equity opens Beijing office amid fundraising

5 Nov 2012

The private equity arm of French insurance giant AXA has opened its inaugural office in Beijng, in a bid to boost its exposure to north Asia as it raises its third fund of funds focused on the wider region.

Although the opening of the office was mentioned in AXA’s last annual report, AVCJ also reported that the move comes as the firm plans to raise between $500m and $600m for its third fund.

AXA Capital Asia III hit a first close of $300m in September, the report said, adding that the vehicle’s predecessor, a $625m fund, is now 80 per cent deployed.

The fund will follow the strategy of previous vehicles, allocating 70 per cent of its capital to Asian fund managers and the rest to direct investments, the report added.

AXA Private Equity opened its first regional office in Singapore in 2005 and today has a team of 10 investment professionals and four support staff in the city, three of which will relocate to Beijing.

The Beijing office will take responsibility for AXA’s Asia funds and will also help manage the firm’s Asia-based assets held by its global secondary and co-investment funds, the report added.

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