AXA IM Prime Buys 20% Stake in French Private Credit Firm Rivage

A unit of AXA Investment Managers has agreed to acquire a minority stake in Rivage Investment, a specialist private credit firm focused on infrastructure debt that oversees more than €7.7 billion ($8.3 billion) in committed capital.

AXA IM Prime, as part of a new strategy to buy minority stakes in general partners of private capital firms, is taking a 20% stake in Rivage, according to a statement seen by Bloomberg News.

It aims to help accelerate the French firm’s growth with new initiatives and international expansion. On behalf of its clients, AXA IM Prime will also put money in some of Rivage’s infrastructure debt strategies.

Alternative asset managers are increasingly looking to sell minority stakes in exchange for funds to back new strategies or invest in new funds, among other options.

Rivage, which launched its first fund in 2013, offers a broad range of sustainable credit strategies from investment-grade public sector and core infrastructure debt to high-return senior secured financing, as well as impact climate solutions.

AXA IM Prime is looking to raise about €400 million for its first GP stakes fund, according to a person familiar with the matter. It has already raised at least €200 million of that target and has committed capital to several other private asset managers, besides Rivage, the person said. AXA IM Prime declined to comment on the fundraising plans.

AXA IM Prime, which was launched in 2022, has about €36 billion of assets under management. It is the private markets and hedge funds unit of AXA Investment Managers, the investment arm of insurance giant AXA SA.

Photograph: AXA branding. Photo credit: Marco Bertorello/AFP/Getty Images