Bank of America sells $1.9 billion private equity portfolio to unit of French insurance giant
By APThursday, April 22, 2010
Bank of America sells $1.9B private equity to AXA
NEW YORK — Bank of America has sold a $1.9 billion portfolio of private equity to AXA Private Equity.
Exact terms were not disclosed, but it’s one of the largest secondary private equity deals done in recent years and offers more evidence that the appetite for such deals is heating up.
The sale takes place at a time when Congress is considering a bill to prohibit banks from holding any ownership in private equity funds.
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