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