AXA Private Equity Acquires US$1.9 Billion Portfolio of Private Equity Funds from Bank of America

Transaction asserts AXA Private Equity`s world leadership in secondary
fund-of-funds, and adds to a series of April acquisitions totaling more than
US$2.6 billion
PARIS--(Business Wire)--
AXA Private Equity, the leading European diversified private equity firm,
announces the acquisition of a US$1.9 billion portfolio of limited partnership
interests in private equity funds from Bank of America (NYSE: BAC). This
represents one of the largest secondary private equity transactions in history
and asserts AXA Private Equity`s world leadership in secondary fund-of-funds.
The portfolio substantially strengthens AXA Private Equity`s position in the
United States, where it was already a leader in secondary fund-of-funds, and
adds to a series of private equity transactions the company has negotiated
around the globe in April totalling more than US$2.6 billion.

This transaction involves a high quality, mature buyout funds portfolio. Exact
terms have not been disclosed.

Vincent Gombault, Managing Director Fund of Funds at AXA Private Equity, said:
"We are very pleased to have concluded this acquisition. This diversified
portfolio, consisting of commitments in some of the best-managed funds, offers
strong potential in terms of value creation for our investors. Over the last two
years we have remained very cautious in our approach. Today we feel the market
conditions are right to make acquisitions such as the one we`re announcing
today."

Jim Forbes, Global Principal Investments executive at Bank of America, said,
"The transaction allows Bank of America to reduce its private equity fund
investments and unfunded commitments and manage its risk-weighted capital over
the long-term, while also allowing the bank`s private equity team to focus on
its core investment business."

The transaction is in line with the strategy of AXA Private Equity secondary
funds, which consists of offering liquidity to institutions looking to monetize
their private equity investments.

Earlier this week, AXA Private Equity completed a transaction with French bank
Natixis (KN.FR) to acquire private equity holdings valued at approximately €534
million (US$718 million).

Mr. Gombault added: "The series of transactions we are making around the world
at this time is evidence of our view of current market conditions as well as our
ability to manage the largest most complex situations and be an exceptional
partner for sellers. Our priority is to acquire good quality assets, not to
drive deeper discounts. Our investment approach is characterized by cautious
discipline, and assigns great value to long-term relationships. The deals we
have completed this week serve as outstanding examples of those commitments."

ABOUT AXA PRIVATE EQUITY

AXA Private Equity is a leading private equity firm with US$25 billion in
managed assets and a global reach extending across Europe, North America and
Asia. The firm offers investors the full spectrum of private equity services for
every market segment: direct funds, infrastructure financing, mid cap and small
cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine
financing.

With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and
Vienna, AXA Private Equity supports the development and long-term growth of its
portfolio companies with sustainable growth strategies and by granting them
access to the AXA international network. AXA Private Equity has earned the trust
of its investors by regularly supplying them with transparent performance data
on its funds and portfolio companies.

AXA Private Equity,
Global investments, the European way
www.AXAprivateequity.com

AXA Private Equity
The Neibart Group
David Neibart, +1-718-875-4198
dneibart@neibartgroup.com
or
Headland
Ben Girdlestone, +44 (0)20 7367 5243
bgirdlestone@headlandconsultancy.co.uk
or
Daniel Kahn, +44(0)20 7367 5247
dkahn@headlandconsultancy.co.uk

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