AXA Investment Managers (AXA IM) saw its assets under management rise by €35bn (£28.9bn) to €879bn during a “strong” 2024 performance that was boosted by its alternatives business.

The French asset manager reported a 12 per cent increase in underlying earnings to €402m and a five per cent rise in revenues to €1,592m.

Its alternatives arm, AXA IM Alts, raised €10bn last year and grew its assets under management to €186bn, on revenues of €629.5m.

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The €10bn raised included a record €4bn raised by its real estate debt platform, €2.5bn for the latest vintage of its significant risk transfer strategy and €1.4bn in collateralised loan obligations.

AXA IM also grew its private debt capabilities during the year with the acquisition of Capza, expanding its offering into mid-market direct lending.

Meanwhile, AXA IM Prime – its private capital unit that provides investment solutions across private equity, private debt, infrastructure and hedge funds – raised €3bn during the year. It posted assets under management of €39bn and revenues of €87m, two years after its launch.

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The asset manager said that the business unit is “well on track”, highlighting the acquisition of US private equity firm W Capital Partners and the advancement of AXA IM Prime’s GP stakes strategy, with significant investment in private debt, private equity and infrastructure.

Its NAV financing strategy has reached €1.6n in assets under management.

“Despite a complex and evolving market environment in 2024, AXA Investment Managers delivered strong business performance, driven by market momentum, strategic growth and operational excellence, said Marco Morelli, executive chairman of AXA IM.

“Our ability to adapt and capitalize on opportunities across our business units has been a key factor in this success.

“In 2024, AXA IM made significant strides on its illiquid asset platform with strong wins in alternative credit for AXA IM Alts and the completion of the acquisition of Capza, a leading European private investment platform, marking an expansion into mid-market direct lending and strengthening our position in private debt.

“Meanwhile, AXA IM Prime reinforced its role as a key global capital solutions provider with the acquisition of W Capital Partners, a US-based private equity firm specialized in GP-led and direct secondary investment.” 

These are AXA IM’s last full-year results before its acquisition by BNP Paribas is set to complete. Last August, BNP Paribas agreed to buy AXA IM for €5.1bn, creating a “leading European player” with €1.5tn of assets. The bank will also continue to provide investment services to AXA under a long-term partnership.

The acquisition is expected to close in mid-2025, subject to regulatory approvals.