Bank of America on Thursday said it sold a $1.9 billion portfolio of private equity to AXA Private Equity. The sale takes place as Congress is considering a bill to prohibit banks from holding any ownership in private equity funds or sponsoring hedge funds.
Exact terms were not disclosed, but it’s one of the largest secondary private equity deals done in recent years, and offers more evidence that the appetite for such deals is heating up.
Earlier this week, AXA Private Equity bought private equity holdings worth about $718 million from French bank Natixis.
