Citi Sells $1.7B Portfolio to AXA Private Equity

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Citigroup (NYSE:C) is selling $1.7 billion worth of direct stakes in companies and limited partnership interests in private equity buyout funds to AXA Private Equity.

A leading European diversified private equity firm, AXA said the transaction represents one of the largest ever secondary private equity deals. The move follows its $1.9 billion acquisition of private equity funds from Bank of America (NYSE:BAC) in April.

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The sale marks the completion of a significant share of Citi Holdings proprietary private equity investments, according to Citi Holdings chief operating officer Mark Mason.

Included in the transaction are 207 limited partnership interests in mostly buyout and a number of investments made directly into certain companies.