AXA Private Equity’s (AXA PE) secondary private-equity fund-of-funds (FoF) has raised a total of $3 billion, The Wall Street Journal reports. The firm also aims to raise a maximum of $4 billion for the AXA Secondary Fund V. The portfolio will be used to buy private equity fund stakes from investors globally. The firm has acquired over $5 billion of secondary private-equity fund portfolios from banks in the last 18 months.

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