Cécile Mayer-Lévi has left Paris-based AXA Private Equity. She was formerly co-head of its private debt operations.
A spokesperson for AXA Private Equity, said, “After eight years at AXA Private Equity where she participated in the launch and subsequent development of the firm’s private debt activity, Cécile Lévi decided not to commit to a new cycle of investment.
“As AXA Private Equity is raising a new generation of funds, she has decided to pursue a new direction in her career”.
Last year the firm appointed Olivier Berment as co-head of its private debt business alongside Mayer-Lévi. He will now take sole charge of the unit going forward.
Berment joined AXA Private Equity in 2001 to manage the firm’s turnaround and recovery activity and helped launch the mezzanine business, which is now known as private debt, in 2005.
The appointment in October 2012 coincided with the creation of the private debt strategic committee, which included Berment and Mayer-Lévi. The committee was intended to help drive the development of AXA Private Equity’s unitranche activity.
At the time, Vincent Gombault, member of AXA Private Equity’s executive board and managing director of funds of funds and private debt, said, “In an environment of scarce credit, the appointment of Olivier Berment as Co-Head of Private Debt reflects the increasing importance of unitranche financing. The fact that we now have two joint heads of our Private Debt business demonstrates its high strategic importance to AXA Private Equity.”
The firm recently provided a €220m unitranche facility for the acquisition of IPH by PAI Partners from Investcorp – Europe’s largest ever transaction of its kind.
Last month AltAssets reported that parent group AXA was reportedly close to selling a majority stake in its private equity arm to a group led by its management to de-risk its asset base.
AXA’s decision to sell the business, which came after more than a year of deliberations, is perceived to be directly related to the new Solvency II legislation, which requires insurance companies to put aside more reserves for risky operations.
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