AXA IM Alts today (6 September) acquired European private equity and debt firm CAPZA by upping its position from majority shareholder to full ownership by 2026.
Formed in 2004, CAPZA is an established private investment platform focused on mid-market corporates across private debt and private equity in EMEA with more than €9.0bn of AUM.
The acquisition provides AXA IM Alts with global expertise in mid-market direct lending, which is highly complementary to its existing private debt offering, alongside entry into the Private Equity leveraged buyout market, a growth sector it has identified as of strategic importance.
AXA said the acquisition was a natural evolution of AXA IM Alts’ longstanding relationship with CAPZA over the past 20 years, as an investor and as a shareholder, building on a shared culture focused on performance generation, client service and responsible investment as well as strong strategic alignment aimed at accelerating growth.
Clients will benefit from both platforms’ combined access to a range of proven and highly complementary alternative investment strategies within a scalable global infrastructure.
AXA IM Alts, led by Isabelle Scemama as global head and Deborah Shire as deputy head, currently serves 600+ institutional clients as well as wholesale and private wealth investors in more than 20 countries, with more than 35% coming from outside of Europe.
CAPZA founder Christophe Karvelis-Senn will “continue to provide his invaluable expertise” by remaining member of the relevant investment committees, further providing continuity by taking the role of chairman of the Supervisory Board of CAPZA and remaining member of the partner team.
CAPZA’s team and investment processes are “remaining unchanged and in place” , with all existing AXA funding commitments to CAPZA funds also staying in force and effect.
Maxence Radix will assume the role of CEO of CAPZA and will lead the management of the Private Equity LBO franchise, which will become the fifth business line of AXA IM Alts, alongside Real Estate, Alternative Credit, Infrastructure and Natural Capital & Impact Investments, with Benoit Choppin supporting the development of the Flex Equity strategy. Maxence will also join AXA IM Alts’ Management Board.
Guillaume de Jongh and Jean-Marc Fiamma will continue to co-lead CAPZA’s Private Debt franchise, which will complement the AXA IM Alts’ Alternative Credit platform led by Christophe Fritsch.
The completion of the transaction is subject to customary closing conditions and is expected to take place in the course of Q4 2024.
Isabelle Scemama (pictured), global head of AXA IM Alts said: “This transaction is the culmination of over two decades of successful collaboration. Our ability to scale and perform in each of our areas of expertise has positioned AXA IM Alts as a European leader in alternative investments. Adding the entire CAPZA business, a pioneering European private investment platform dedicated to small and mid-cap companies, to AXA IM Alts’ platform is a major milestone.
“This acquisition sees AXA IM Alts complete its product range through the addition of an established and scalable LBO private equity and corporate mid-market private debt capabilities to the current offering for the benefits of our clients and teams, further cementing our position as the European leader in the alternative investments.”
Christophe Karvelis-Senn, executive chairman and founder, CAPZA, commented: “The last decade has been an active phase of growth for our business, bringing our private debt and private equity business line to maturity, thanks to the tremendous work accomplished by CAPZA teams. Throughout the years, we have developed a strong shared culture with AXA IM Alts teams and it is now a perfect timing for CAPZA to be joining the AXA IM Alts platform, benefitting from the scale and reach of its infrastructure as the leading European alternative platform to pursue our ambitious growth trajectory.”
Deborah Shire, deputy head of AXA IM Alts, said: “Mid-market direct lending and private equity play important roles in financing the economy, while providing substantial returns for global investors, evidenced by their increasing importance in both institutional and retail investor portfolios. The transaction will bolster our capacity to offer fully diversified allocation in private and alternative markets to our clients.
“This is a new phase of growth in the relationship that we have developed with CAPZA teams for over 20 years. It builds upon our shared entrepreneurial culture, our ambition to provide investment solutions at scale and our shared commitment to responsible investments as a core driver of performance. Moreover, both teams are sharing the same fundamental approach, pursuing long-term trends able to generate returns and mitigate risks.”
Maxence Radix, Guillaume de Jongh and Benoit Choppin, CAPZA, said: “Today’s announcement marks an exciting new chapter for CAPZA as a dynamic alternative investment solutions provider for our investors. AXA IM Alts has provided us with strong support over the years, contributing significantly to our growth in assets and capabilities. AXA IM Alts and CAPZA’s combined highly complementary capabilities will enable us to collectively provide clients with solutions across the private credit and private equity space.”
