Berkshire Global Advisors Acted As Financial Advisor To W Capital Partners
Seller Details:
W Capital Partners (“WCP”), founded in 2001, is a GP solutions secondary investor providing secondary liquidity solutions in market-leading private-equity-backed companies. WCP’s GP solutions strategy includes (i) direct secondaries structured as minority recaps or direct share purchases and (ii) GP-led secondaries structured as continuation funds or customized vehicles in collaboration with a GP partner. WCP manages ~$2 billion (as at the end of December 2023) of regulatory assets under management with a diversified portfolio consisting of buyout stage, mid-market stage and growth equity stage companies backed by a broad range of GP sponsors.
Buyer Details:
Launched in 2022, AXA IM Prime is the Private Markets Enabler and Hedge Funds platform of AXA Investment Managers (“AXA IM”) with ~€34 billion of assets under management as at the end of December 2023. It offers global and diversified private market solutions through primaries, secondaries and co-investments across private equity, infrastructure equity, private debt and hedge funds. AXA IM is a leading global asset manager offering a diverse range of global investment opportunities in both alternative and traditional asset classes. Through our products we aim to diversify and grow portfolios, while delivering long-term investment performance and value for clients. AXA IM manages approximately €844 billion in assets, of which €480 billion are categorized ESG-integrated, sustainable or impact, as at the end of December 2023.
Transaction Summary:
With this transaction, AXA IM affirms its ambition to further diversify its private markets offering in the growing and evolving private equity secondaries sector. Additionally, AXA IM Prime will strengthen its presence in North America (including the US, which is one of the most important regions for secondaries investing), and WCP will benefit from additional exposure and deal flow, in the US and globally. Alongside the acquisition, relying on the team’s established investment track record since 2001, AXA has committed $200 million to WCP’s secondary investment strategy.