AXA Funding Managers (AXA IM) noticed its belongings below administration rise by €35bn (£28.9bn) to €879bn throughout a “sturdy” 2024 efficiency that was boosted by its alternate options enterprise.
The French asset supervisor reported a 12 per cent enhance in underlying earnings to €402m and a 5 per cent rise in revenues to €1,592m.
Its alternate options arm, AXA IM Alts, raised €10bn final 12 months and grew its belongings below administration to €186bn, on revenues of €629.5m.
Learn extra: AXA IM Prime takes 20pc stake in personal credit score agency Rivage
The €10bn raised included a file €4bn raised by its actual property debt platform, €2.5bn for the most recent classic of its vital threat switch technique and €1.4bn in collateralised mortgage obligations.
AXA IM additionally grew its personal debt capabilities through the 12 months with the acquisition of Capza, increasing its providing into mid-market direct lending.
In the meantime, AXA IM Prime – its personal capital unit that gives funding options throughout personal fairness, personal debt, infrastructure and hedge funds – raised €3bn through the 12 months. It posted belongings below administration of €39bn and revenues of €87m, two years after its launch.
Learn extra: AXA IM Alts launches first personal credit score fund below ELTIF 2.0
The asset supervisor mentioned that the enterprise unit is “effectively on observe”, highlighting the acquisition of US personal fairness agency W Capital Companions and the development of AXA IM Prime’s GP stakes technique, with vital funding in personal debt, personal fairness and infrastructure.
Its NAV financing technique has reached €1.6n in belongings below administration.
“Regardless of a posh and evolving market surroundings in 2024, AXA Funding Managers delivered sturdy enterprise efficiency, pushed by market momentum, strategic development and operational excellence, mentioned Marco Morelli, govt chairman of AXA IM.
“Our capability to adapt and capitalize on alternatives throughout our enterprise items has been a key issue on this success.
“In 2024, AXA IM made vital strides on its illiquid asset platform with sturdy wins in different credit score for AXA IM Alts and the completion of the acquisition of Capza, a number one European personal funding platform, marking an growth into mid-market direct lending and strengthening our place in personal debt.
“In the meantime, AXA IM Prime bolstered its function as a key international capital options supplier with the acquisition of W Capital Companions, a US-based personal fairness agency specialised in GP-led and direct secondary funding.”
These are AXA IM’s final full-year outcomes earlier than its acquisition by BNP Paribas is ready to finish. Final August, BNP Paribas agreed to purchase AXA IM for €5.1bn, making a “main European participant” with €1.5tn of belongings. The financial institution can even proceed to supply funding companies to AXA below a long-term partnership.
The acquisition is predicted to shut in mid-2025, topic to regulatory approvals.
