AXA Private Equity completed its spinoff from AXA Group and has been renamed Ardian, a spokeswoman confirmed.
The firm announced in March that a group led by management, employees and external investors would buy the unit in a deal that valued AXA Private Equity at €510 million ($690 million).
AXA Group retained a 23% stake in the firm and has agreed to commit €4.8 billion to new Ardian funds over the next five years. Management and employees, led by CEO Dominique Senequier, own 46% of the firm. The remaining 31% is held by European institutions and French family offices.
AXA Private Equity was a unit of AXA Investment Managers. It has $36 billion in assets under management.