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AXA companies set to boost stake in Capzanine to 46%

AXA Investment Managers and AXA France are set to increase their equity stake in private equity firm Capzanine.

Eurazeo, a private equity firm, said in a news release it was selling its 22% stake.

The joint investment will take the firms' stakes to a total of 46% in Capzanine. AXA France previously owned 22% of the firm. A spokeswoman for AXA IM declined to comment on the company's new and previous stakes.

A separate news release from AXA said Capzanine staff will remain majority shareholders with 54% of the business and will retain control of the firm.

AXA IM and Capzanine will also establish a private debt distribution partnership.

"This collaboration strengthens our access to innovative, diversifying products and stable, attractive returns through the proven performance of a highly reputed management company," said Pascal Christory, chief investment officer of AXA Group, in the AXA news release. "These investments allow AXA companies to participate in the financing of the growth of the European real economy."

Andrea Rossi, CEO of AXA IM, added in the same release: "Complementing our investment capabilities selectively to better meet the needs of our customers, is one of our strategic priorities. This partnership fits perfectly into this framework by strengthening our alternative investment offer."

Capzanine has €2.5 billion ($2.8 billion) in assets under management. AXA IM has €759 billion in AUM, with €38 billion in structured finance AUM.