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AXA IM Real Assets raises extra €300m for core fund

The subsidiary of French insurance giant AXA has raised an extra €300m for its latest core vehicle, which will target prime European assets and a €3 billion to €5 billion investment capacity. 

AXA Investment Managers (IM) – Real Assets, the subsidiary of French insurance giant AXA, has raised an extra €300 million for its core real estate fund.

The investment manager’s open-ended vehicle, AXA CoRE Europe, was launched last year with an investment target of between €3 billion and €5 billion. The fund is aimed at institutional investors from across the whole of Western Europe and will target core assets.

“We have had a record year in terms of capital raised, underlining the continued appeal of the real assets sector and the attractiveness of the opportunities we have brought to our clients, which cover the entire Real Assets spectrum via both debt and equity,” said Scemama.

The firm has also announced that it raised a record €8 billion of capital in 2016, the most it had ever raised in a single year. This included a €900 million raise for its first co-mingled infrastructure debt fund, European Infra Senior 1; the final close of Development Venture IV, the company’s fourth development fund, which raised over €600 million from 17 global investors across 9 countries; the final close of the Pan-European Value-Added Venture which raised a total of €445 million; and two French retail funds, AXA Selectiv’ Immo, which raised €750 million over the year and AXA Selectiv’ Immoservice, which raised approximately €180 million. 

The firm said it had received capital commitments throughout the year, for the above platforms, from an increasingly diverse range of institutional, as well as retail investors and family offices. These investment, AXA IM Real Assets said, came from Europe, the Middle East, North America and Asia. 

Last month, the firm appointed one of its veterans, Isabelle Scemama, as its new chief executive. Scemama replaced the outgoing Pierre Vaquier, who helped grow the firm from a Europe-focused business to a €70 billion global powerhouse.