AXA IM Alts snaps up European private assets firm CAPZA

AXA IM Alts has acquired CAPZA, increasing its position from majority shareholder to full ownership by 2026. The purchase price was not disclosed.

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 €9bn of assets under management (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 AXA IM Alts has identified as of strategic importance, the manager said.

This acquisition, the company said, is a “natural evolution of AXA IM Alts’ longstanding relationship with CAPZA over the past 20 years, as an investor and as a shareholder”, adding that it “builds on a shared culture focused on performance generation, client service and responsible investment as well as strong strategic alignment aimed at accelerating growth”.

Both parties believe that clients will benefit from both platforms’ combined access to a range of proven and complementary alternative investment strategies within a scalable global infrastructure.

People

CAPZA founder Christophe Karvelis-Senn will continue as a member of the relevant investment committees, further providing continuity by taking the role of chair of the supervisory board of CAPZA and remaining member of the partner team.

Maxence Radix will assume the role of chief executive officer of CAPZA and will lead the management of the private equity leveraged buyout (LBO) franchise, which will become the fifth business line of AXA IM Alts, alongside real estate, alternative credit, infrastructure, and natural capital and impact investments, with Benoit Choppin supporting the development of the Flex Equity strategy.

Radix 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.

Overall business strategy

Isabelle Scemama, global head of AXA IM Alts, explained how the deal fits with the manager’s overall business strategy: “As a result of this acquisition, AXA IM Alts has become an even more comprehensive alternatives player, which is a key part of our overall strategic plan. CAPZA’s offering enhances our private market capabilities through its well-established mid-market corporate private debt and private equity LBO businesses, which is highly complementary to our current offering.

“Looking ahead, we have an ambitious growth trajectory and will remain attentive to any opportunity that would rightly complement our offering in an ever-expanding universe, with particular attention to finding companies and teams that share the same vision and culture, as demonstrated by this operation.”

She added that the transaction builds on two decades of collaboration both as investor and shareholder in CAPZA, and a shared culture focused on performance generation and responsible investment, making it “the logical final step in our long-standing partnership”.

Christophe Karvelis-Senn, executive chair and founder of CAPZA, said: “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, benefiting 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 added that 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,” Shire said.

The latest digital edition of IPE’s magazine is now available.