Citigroup sells private equity assets to Axa unit

Citigroup has agreed to sell a portfolio of private equity assets to Axa Private Equity for USD 1.7 billion, the French insurer said on Wednesday.

The portfolio comprises 207 stakes in various buyout funds as well as some direct stakes in companies, Axa said, adding that Citi -- which has been looking to focus on its core businesses -- was financing the purchase.