Axa Private Equity and LGT Capital Partners are acquiring €620 million of private equity fund investments made by HSH Nordbank, Financial Times reports. The German bank’s portfolio includes stakes in about 47 private equity funds, such as those managed by KKR, Carlyle and Cinven. AXA Private Equity will provide more than €350 million for the stakes. The transaction also includes future commitments to the funds. The move is part of HSH Nordbank’s strategy to cut down non-core investments to €38 billon by the end of 2014 to meet the requirements laid down by European Union competition authorities.
Click here for the story from Financial Times.