Global, 6 July 2012 – Baker & McKenzie has advised longstanding client AXA Private Equity on its acquisition from the private equity arm of Ontario Municipal Employees Retirement System (OMERS) of a portfolio of 11 private equity fund investments and the related unfunded commitments.
The portfolio represents a total size of approximately US$850 million in original commitments, in predominantly North American and Global buyout funds.
AXA Private Equity is a world leader in private equity, with assets of US$28 billion managed or advised in Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.
Baker & McKenzie partner Bruno Bertrand, who led on the deal, commented: "This is a major secondary transaction in the North American market. It's a pleasure to advise AXA Private Equity on the continued growth of their funds of funds transactions."
Baker & McKenzie fielded a multi-jurisdictional team involving lawyers in Paris, New York, Chicago and Toronto, including Bruno Bertrand, Benoit Champon, Alexia Delahousse, Niamh Curry, Pat McDonald, Matt Alshouse, Rekha Auld, Jim Rossiter and Brian Segal.
OMERS is one of Canada's largest pension funds, with over $55 billion in net assets. Torys advised OMERS.
It is the latest in a series of deals in which Baker & McKenzie has advised AXA Private Equity, including a number of the landmark secondary private equity transactions. These include advising on:
- the acquisition of a portfolio of private equity assets from German bank HSH Nordbank worth a total of around EUR620 million in August 2011
- the US$1.7 billion purchase of leveraged buyout assets from Citigroup Inc in June 2011
- the US$740 billion purchase of leveraged buyout assets from Barclays Capital in June 2011
- the US$1.9 billion purchase of an investment portfolio from Bank of America in April 2010
- the acquisition a US$779 million acquisition of a major stake of the private equity holdings of French bank Natixis in October 2010.