Linklaters has advised AXA IM Prime, through its GP[1] Stake strategy, on entering into an agreement to acquire a 20% equity stake in Rivage Investment (“Rivage”), a leading investment firm specialising in European infrastructure direct lending and French public sector financing, with over €7.7bn in committed capital under management.[2]
This collaboration will aim to accelerate Rivage’s growth, with AXA IM Prime supporting Rivage’s new initiatives and international expansion. In parallel, given convictions on the asset class, AXA IM Prime, on behalf of its clients, intends to further accompany Rivage, deploying capital into its infrastructure debt high return strategies.
A pioneer in the management of European infrastructure debt, Rivage has invested in excess of €8.2bn[2] on behalf of blue chip institutional investors since the launch of its first fund in 2013. Rivage is a specialist private credit firm and the largest independent infrastructure debt manager in Europe[3] thanks to its team of 50 professionals[4] based in Paris. Rivage will continue to operate stand-alone led by its existing management team and preserving complete investment autonomy.
AXA IM Prime’s GP Stake investment team is focused on identifying blue-chips private market players, accompanying them in their development and providing access to AXA IM Prime’s wider platform including strategic and operational expertise. The partnerships take the form of minority equity investments, with the GPs remaining independent in their day to day management as well as in their investment process. AXA IM Prime’s GP Stake strategy directly contributes to AXA IM’s global ambition to offer best-in-class private markets exposure to clients.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in the coming months.
The Linklaters team is led by Mehdi Boumedine, partner, and includes Zoé Giovanetti and Benjamin Dufour – Jules, associates in Corporate/M&A, Ngoc-Hong Ma, partner, and Anna Petrusa, associate, in Financial Regulation, as well as Thomas Elkins, partner, and Tanguy Laurioz, associate, in Antitrust and Foreign Investment.
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[1] General Partner
[2] a. b. Source: Rivage Investment as of 30 June 2024
[3] Source: Infrastructure Investor – Infrastructure Debt 2023 Ranking
[4] Source: Rivage Investment as at June 2024
