In brief

AXA Private Equity

With $26 billion of assets managed or advised,
AXA Private Equity, an AXA Investment Managers
company, is a diversified private equity firm with an
international reach covering eight offices in Paris,
Frankfurt, London, New York, Singapore, Milan,
Zurich and Vienna.

Since 1996, the firm has supported the development

and long-term growth of its portfolio companies
while generating sustained and stable returns.
AXA Private Equity provides investors with funds
across the full range of private equity offerings:
funds of funds; LBO mid cap and small cap;
venture capital; co-investment; infrastructure; and
mezzanine.

This document contains information, including details of investment performance,

in respect of funds which are closed to new investors. Past performance is not necessarily
indicative of future returns on these or other funds. The value of investments may fall as
well as rise. Private equity investments are illiquid and there is no guarantee that they
can be sold at valuation levels.
It shall not be viewed as investment advice, and does not constitute an offer to sell,
a solicitation of any offer to buy, or the basis for any contact for the purchase or sale
of any investment.
Unless otherwise mentioned, figures are as of December 31, 2008 and the exchange
rate that applies is ¤1 = US$1.39.

1
 Summary

p.4 Foreword of the CEO

p.6 AXA Private Equity - the essentials
8 About us
12 Key figures 2008
14 International development
16 Investing responsibly
18 Encouraging talent

p.20 2008 Review

22 Funds of funds: one of the best performing teams in the world
26 LBO mid cap: supporting companies over the long-term
30 LBO small cap: facilitating companies growth and transformation
32 Venture capital: stimulating innovation
34 Infrastructure: long-term investments on a promising market
36 Co-investment: selective, high-performance partnerships
40 Mezzanine: a dynamic team backed by the AXA Private
Equity network

p.42 Portfolio
44 Funds of funds
46 LBO mid cap
46 LBO small cap
47 Venture capital
48 Infrastructure
49 Co-investment
50 Mezzanine

Glossary

2 3
 Foreword
of the CEO

2008 will long be remembered for the unprecedented deleveraging

crisis in financial markets. While uncertainty prevails, troubled times bring useful
lessons: the current maelstrom we are experiencing will clearly single out the most
cautious management teams, those which will have taken the long-term view in
their work alongside companies.

In this, AXA Private Equity’s first annual report, we will share with you our experience
of last year and our plans for 2009. AXA Private Equity’s extremely disciplined and
independently recognized investment method, our non speculative positions and
total transparency towards our clients have continued to stand us in good stead.
At the heart of our culture lies a commitment to

«Every day we sustainable partnerships with management teams

and General Partners. Our priority is clear: act

take the long-term

responsibly and cautiously as guardians of our
investors’ capital, developing our portfolios and
companies in the considered manner they have

approach for our come to trust.

private equity Diversity in our products, our European culture and

our international reach have served AXA Private

investments.» Equity well. The fundamentals of our investments

are sound, and we remain focused on transforming
companies, structurally, strategically and in a
sustainable way. In our secondary funds of funds, we have consistently led the market
thanks to the accuracy of our analyses and active intervention with General Partners.
Infrastructure and mezzanine continue to play an important role in financing econo-
mies by delivering solid and regular performances. In Asia, we work with carefully
selected partners whose approach is compatible with our model.

To prosper further, the private equity industry must embrace ethical principles. The
pursuit of short-term profit of some has tarnished private equity’s reputation
and played havoc with many solid businesses. Private equity must make a lasting
contribution to the economic development and sound capitalization of companies.
In this context, the AXA Private Equity model is well placed. Sticking to our tried and
tested method since 1996, we will continue to face adversity with confidence.

Dominique Senequier

4 5
PARIS
FRANKFURT AXA
LONDON Private
NEW YORK Equity
The essentials
SINGAPORE
MILAN
ZURICH
VIENNA
6 7
 AXA PrIvATE EqUITy - ThE ESSENTIALS 2008 review Portfolio

About us

Global Investments, Our Story

the European Way
AXA Private Equity uses the strength of its network
in Europe, Asia and North America to invest and to
manage assets on a global scale. Firmly anchored
in its European origins, the company applies an
investment philosophy based on local presence,
taking account of local characteristics, and adopts
a different approach depending on the location,
the fund and the market environment. AXA Private
Equity has chosen to have a direct presence in each
of the markets it covers, and to recruit its investment
teams locally. These teams support the 150 companies
in the direct portfolio over the long-term and
provide the resources financially and operationally
in particular for international external growth. Within 2008 Zurich and Vienna
the funds of funds business, the strength of AXA offices open.
Private Equity is largely based on the rigor of 235 employees.
its processes and a detailed analysis of the
companies in the portfolios of the 500 funds in 2007 Milan office open.
which it invests. Attention to detail, organization
and cautiousness are our key differentiating
principles, as recognized by the most demanding 2005 Singapore office open.
international investors. Launch of co-investment, mezzanine
and Asia funds.
Launch of infrastructure business.

2004 Over 100 employees.

$26
2001 Frankfurt office open.
BILLION
OF ASSETS MANAGED
1999 London and New York offices open.
AND/Or ADVISED
Start of funds of funds business.

235 EMPLOYEES

OFFICES ThrOuGhOuT
150 COMPANIES IN
DIrECT POrTFOLIO 1997
1998 Launch of first venture capital fund.

Launch of LBO business.

8 +20 %
ThE WOrLD: PArIS, LONDON, INCrEASE 1996 Dominique Senequier founds AXA Private Equity.
FrANKFurT, NEW YOrK, IN jOBS
SINGAPOrE, MILAN, ZurICh, + 2,500 jOBS
AND VIENNA CrEATED*

40 % OF INVESTOrS
BASED OuTSIDE
EurOPE 500 FuNDS IN
POrTFOLIO

*Employment organic growth (excluding acquisitions) of companies

since their entry in the venture capital, LBO mid cap and small cap
portfolios.

8 9

About us
The Executive Board
from the left to the right
Christophe Florin,
Chief Operating Officer
and Managing Director Asia
Christophe Florin joined AXA
Private Equity in 1998 and has
directed the Asian business since
2005. He is also responsible for
the administration and finance,
legal and human resources depart-
ments . Previously he worked
i n G A N 's u n l i s te d c o m p a ny
investments department, in the
company “Développement et
Partenariat” and at the “Crédit
National”.
Christophe Florin holds an MBA
in Finance from Université de Laval,
Quebec and also graduated from
IEP Paris.
10
Vincent Gombault,
Managing Director
Funds of Funds
Before joining AXA Private Equity
in 1998, where he developed and
managed the funds of funds busi-
ness, Vincent Gombault worked in
AXA Group’s Industrial Holdings
department (1991-1998) after a
spell as Investment Manager in
the M&A department of Société
Générale. He began his career at
the French Trade Commission in
Detroit (USA). He also lectures at
ESSEC.
Vincent Gombault has a master’s
degree in Financial Techniques from
ESSEC and a DESS (post-graduate
professional degree) in Banking and
Finance. He also holds a degree in Law
and a master’s degree in Economics.
Dominique Senequier,
Chief Executive Officer
Dominique Senequier joined AXA
Group in early 1996 and founded
AXA Private Equity. At GAN from
1987 to 1995, she created and
developed the subsidiary GAN
Participations. Prior to that she
was Group Acquisitions Manager
at GAN from 1980-1987, and from
1975-1980 worked for the French
Insurance Commission.
Dominique Senequier graduated
from Ecole Polytechnique in 1972
and holds a DEA (post-graduate
degree) in Banking and Monetary
Economics from the Sorbonne
University.
She is a member of the French
Actuarial Institute.
«A stable and united
management team.»
Dominique Gaillard,
Managing Director
Direct Funds
Dominique Gaillard joined AXA
Private Equity in 1997, where he
manages LBO mid cap, small cap,
expansion capital, co-investment
and infrastruc ture ac tivities
as well as the development of
direct funds activities in Eastern
Europe.
Previously he spent seven years
with Charterhouse France, starting
as Project Manager and progres-
sing to a Director and member of
the Executive Board. He began
his career at Péchiney.
Dominique Gaillard graduated from
Ecole Polytechnique in 1979, went
on to the Ecole Nationale des Ponts
et Chaussées and the Institut d'Admi-
nistration des Entreprises, and holds
a Master of Science from UC Berkeley.
AXA Private Equity - The essentials 2008 Review Portfolio
Stephan Illenberger,
Managing Director
Germany
Before launching AXA Private
Equity Germany in 2001, Stephan
Illenberger was a Managing Part-
ner of Doertenbach & Co, an inde-
pendent management company
for three years. Prior to this, he
was Head of Corporate Finance
Germany at NatWest Markets
and CEO of York Hannover. From
19 87-1992 he was Director of
Bayerische Vereinsbank in the
M&A department. He started his
career at McKinsey.
Stephan Illenberger holds an MBA
from the University of Munich and
an MA in Economics from Chicago
University.
11
 AXA Private Equity - The essentials 2008 Review Portfolio

Key figures 2008

Funds raised in 2008
The LBO mid cap fund
has raised its fourth
generation: AXA LBO Fund IV,
with a total of ¤1.6 billion.
The AXA Infrastructure
Partners Fund was closed
in June, with funds raised
for infrastructure standing
at ¤1.3 billion.
12 years of sustained
and regular growth in
assets under management
in billion dollars
26
23
55 new investments
and commitments
14

4
8
0.1 0.2 0.2 4.5 6
0.8 1.9 2.6 3.1

1996
exits 1997
1998
1999
2000
2001
2002

15
2003
2004
build-up 2005
2006
transactions in 2007
portfolio companies 2008

42 %
of direct
transactions Sustained performance
were outside among the best on the market
France (as of September 30, 2008)*

Funds of funds

$2.5
AXA Secondary Fund III (vintage 2004)  63.2% net IRR**
AXA Early Secondary Fund II (vintage 2004)  21.6% net IRR**
Billion
invested in 2008
Direct funds
AXA LBO Fund II (vintage 2000) 33.6% net IRR**

15
AXA Expansion Fund I (vintage 2002) 25.3% net IRR**
**Past performance is no guarantee of future performance. Valuations may move up or down over time. The above figures
new investors do not cover the entirety of all funds managed and/or advised by AXA Private Equity. Only the performance of certain major
funds are presented here.
in 2008 **After management fees and carried interest.

12 13
 AXA Private Equity - The essentials 2008 Review Portfolio

International
development

Worldwide investment Staying close

capacity to investors

The opening of two new offices in 2008 and the
launch of the LBO mid cap business in Italy confirmed
the international expansion strategy that AXA Private
Equity has followed for the past ten years. Backed
by eight offices in Europe, North America and Asia,
165
VIENNA To support its 165 investors, over 80% of whom are
based outside France and 40% outside Europe,
Access to the markets AXA Private Equity bolstered its organizational
of Eastern Europe structure in 2008, thereby heightening the firm’s investors
reactivity and the quality of information provided

AXA Private Equity is ideally placed to seize the best
opportunities in the market and meet its clients'
requirements for geographical diversification.
ZURICH
Developing new platforms
Following the December 2008 opening of the
Vienna office, AXA Private Equity is now excellently
positioned to seize the opportunities offered by
Eastern Europe. The team will focus mainly
on LBO mid cap, small cap and expansion
capital opportunities as well as mezzanine,
2.6
for its clients.
The investor relations team is now based on an AXA Private Equity
international network of six correspondents, who funds HELD BY EACH
provide information for AXA Private Equity's inves- investor on average
tors in respect of the regions where they operate:
North America, Continental Europe, Switzerland,

14
infrastructure and co-investment. United Kingdom, Asia and the Middle East.
for growth Each of the regional correspondents has a direct
employees dedicated
The July 2008 opening of the Zurich office provided
MILAN interface both with the Client Services team
to client relations
(consolidated reporting, investment simulations
the opportunity for consolidating links with the Launch of LBO mid cap and investor requests) and with the Products team
insurer AXA Winterthur, whose portfolio of private business in Italy

equity assets is now managed by AXA Private
Equity. The local team has established a secondary
market business for major institutional investors.
470
(e.g. marketing documents and due diligence).
AXA Private Equity is building its teams and starting a
LBO mid cap business for the Italian market. This new
investor meetings
activity will add up to the current LBO small cap,
funds of funds and mezzanine activities which were

730
set up in 2007.
visits to
the on-line
An international base
of loyal investors: due diligence site

54% 50% 14%

Europe Pension 12% Insurance
Funds Family Offices/ companies
39%
North High Net Worth
America Individuals
8%
Government
Agencies
7% 9%
Asia-Austrasia Others 7%
Middle-East Funds
of funds

Geographical Breakdown
breakdown* by type of investors*
14 *As of December 31, 2008 - Excluding investments by AXA Group. 15

Investing
responsibly
Sharing
best practices
AXA Private Equity engages with other market
players and takes an active part in professional discus-
sions around the industry’s working practices; for
example the firm participated in the working group
on the new AMF (French financial markets authority)
instructions concerning FCPrs (French regulated
funds), and in the AFIC/AFG (French private equity
Ensuring transparency
and quality in processes
SAS 70 type II Certification*:
an effective internal control.
Obtained for the third year running, this internatio-
nally recognized certification is awarded for the
quality of operations and the effectiveness of
internal controls. It guarantees investors that
the funds advised and managed by AXA Private
Equity comply with section 404 Sarbanes-Oxley,
and emphasizes the special attention the company
pays to transparency of information sent to investors.
In-depth transparent reporting:
AXA Private Equity offers its clients
personalized information, specifically
through global reporting.
**SAS 70: “Statement on Auditing Standards No. 70”
established by the American Institute of Certified Public Accountants.
**GIPS: “Global Investment Performance Standards“.
16
and management associations) working group
responsible for drafting the new Code of Ethics
for the profession. AXA Private Equity sponsors
initiatives among institutional investors; it is in parti-
cular attached to the spread of practices aimed at
sharing value creation among all employees during
LBO transactions.
GIPS standards**:
accurate and complete reporting
of performance.
In 2004, AXA Private Equity was the first private
equity firm in France to receive this confirmation
of compliance with the GIPS performance presen-
tation standards. Confirming the firm’s determi-
nation to continuously improve its responses to the
needs and concerns of its clients and partners, the
GIPS certification has since been renewed.
AXA PrIvATE EqUITy - ThE ESSENTIALS 2008 review Portfolio
Sponsoring
In 2008, AXA Private Equity financed ten study
grants: three foreign students continued their
education at the Ecole Polytechnique, five students
in the International Finance Masters program at the
Université de Cergy Pontoise (France) participated
in an exchange program with the USA and two
German students took part in the ‘house of
Finance’ course at Goethe University in Frankfurt
(Germany).
Promoting
diversity and
encouraging Mayra de Oliveira radwan of Brasilian nationality and
Junzhe Wang of Chinese nationality, both students at Ecole
Polytechnique, received a grant.
the integration of
young people into
professional life
In addition, AXA Private Equity supports a number from top French colleges, and of Un Avenir Ensemble,
of associations engaged in supporting promising a network organized in France by influential people
students from disadvantaged environments. It who have received the Légion d’Honneur or l'Ordre
is one of the principal sponsors of Frateli, an asso- National du Mérite. Some fifteen employees are
ciation created by young professionals graduating personally involved in this program.
ENCOUrAGING AN rESPECT
ENTrEPrENEUrIAL SPIrIT FOr ThE ENvIrONMENT
Long-time partner of Tremplin
Entreprises, AXA Private Equity
AXA Private Equity is committed to spread the best environmental practices:
use of paper produced from forests managed under sustainable development
takes part in the annual event principles, over 80% of client reporting is now electronic; waste sorting,
co-organized by the French Senate and progressive introduction of reversible air conditioning systems, providing
and ESSEC (Ecole Supérieure des better control of electricity consumption. AXA Private Equity also pays attention
Sciences Economiques et Commer- to safeguarding the environment among its portfolio companies.
ciales) which rewards innovative It systematically carries out environmental due diligences in companies with
entrepreneurs and puts them industrial operations, and actively supports initiatives aimed at reducing the
in touch with the principal private ecological impact of their activities.
equity funds.
17
 AXA Private Equity - The essentials 2008 Review Portfolio

Encouraging
talent

Training
our teams
In addition to twice-yearly integration seminars,
AXA Private Equity offers employees tailored trai-
nings and international exchange programs. The aim
is to strengthen the corporate culture, encourage
sharing of best practices and knowledge, and to
foster strong contacts between staff.
A tailored training program
AXA Private Equity offers a series of dedicated
courses for its staff. Designed internally on the
basis of knowledge sharing, these courses are
run directly by the employees and show AXA
Private Equity’s commitment to the development
of its people.
Internal mentorship program
Launched in 2008, this program concerns every
new employee with less than three years' work
experience. Functioning on the basis of volunteer
mentors, the mentorship lasts one year and puts
each new recruit in touch with an experienced
person from another business and/or a different
office. Acting as the newcomer's reference point,
the mentor provides guidance and accompanies the
recruit in their apprenticeship in activities outside
their own team's usual channels. In its first year, 24
people participated.
Stimulating
the international network:
the Short Mobility Program
In order to strengthen cohesion between funds of
funds investment teams, every year the Short Mobility
Program enables some of them to work in another
country for a three-month period. In 2008, five
employees took part. Working closely together,
members naturally develop internal networks, a key
advantage in the market.
Young Analyst Graduate Program
A year after they join, young analysts participate
in a nine-month program consisting of three
separate three-month periods of immersion during
which they learn about different departments of
the firm. In 2008, twelve analysts took part in
this program, and were sent to one of the eight
AXA Private Equity offices around the world, sharing
the daily life of a different investment team from
their base.

«We share our experience

and train our teams
to the AXA Private Equity
190 employees took at
least one external
training course

2.3 %
of total
culture and rigorous salaries
were invested
investment methods.» in training

Christophe Florin, Chief Operating Officer

184 employees had

individual interviews
with the HR team 14 employees benefited
from internal mobility

54 new employees
recruited 20 % of employees joined
the company after
an internship

18 19
 AXA
Private
Equity
2008 Review

20 21
 AXA Private Equity - The essentials 2008 rEvIEW Portfolio

Funds of funds

One of the best performing Performance of secondary funds:

teams in the world among the best in the market
(as of September 30, 2008)

48
AXA Private Equity's funds of funds team has INVESTMENT
become a leader in the international market: it is The special relationship NET
CASH
ON
PrOFESSIONALS
DEDICATED TO
based on 48 investment professionals who operate VINTAGE CASH**
between AXA Private Equity
NET IRR* MULTIPLE*
from 8 offices on three continents, in Europe, North FuNDS OF FuNDS
America and Asia. The team manages assets of
and the leading international AXA Secondary Fund I 39.9% 1.91 x 183.8%

10
over $15 billion invested in more than 500 funds 1999
YEArS
funds gives it a depth

SECONDAry
around the world, representing a portfolio of more
EXPErIENCE IN
than 7,500 companies. AXA Secondary Fund II 25.7% 1.62 x 134.0%

An industry forerunner, with a funds of funds of knowledge and an overview 2001 FuNDS OF FuNDS
BuSINESS
business which was established in 1999, AXA
Private Equity is today present in all areas of the
of the market that are beneficial AXA Secondary Fund III
63.2% 1.82 x 119.3%

21
2004
funds of funds business. It manages and advises for the development of all
primary funds (commitments between 0% and
15%), early secondary funds (commitments its activities. AXA Early Secondary Fund I 23.6% 1.54 x 94.2% INVESTMENTS

EArLy SECONDAry
2003
IN 2008
between 15% and 50%) and secondary funds
(commitments over 50%). Purchase of mature AXA Early Secondary Fund II 21.6% 1.61 x 76.5%

500
2004
secondary funds is a skill in which AXA Private
Equity is today a world leader in terms of both
AXA Early Secondary Fund III 11.6% 1.13 x 25.3%
volume and performance. The diversity of its 2005 FuNDS
investment funds gives it the flexibility needed to IN POrTFOLIO
be able to make offers tailored to the needs and Past performance is no guarantee of future performance. valuations may move up
or down over time. These figures do not cover all funds managed and/or advised
strategies of the investors concerned. SELECTIvITy TO BOOST

7,500
by AXA Private Equity. Only the performances of certain major funds are presented
here.
PErFOrMANCE
**After management fees and carried interest.
**ratio of distributed capital to called up capital.
In order to ensure long-term stability of performance uNDErLYING
among the best in the market, AXA Private Equity applies
COMPANIES
an extremely rigorous investment procedure based on
cautious investment selection and regular in-depth
monitoring of the companies in the portfolio and a strong
focus on owner transactions, with a selection of funds
in which it can exercise the role of principal investor.
This disciplined approach enables it to play a full role
as investor: negotiating and building stable and durable
relations with the fund managers.

22 23
 AXA Private Equity - The essentials 2008 rEvIEW Portfolio

Funds of funds

An effective regular and global

international network
After ten years of business in the funds of funds
market, AXA Private Equity has built up an effective
international network backed by long-term relation-
ships with the most prestigious private equity
managers on continents where it operates. The
quality of its network strengthens its global
understanding of the market, enabling it to seize
the best investment opportunities and fostering
growth in its other activities, such as co-investment
and mezzanine.
monitoring
AXA Private Equity has developed its own moni-
toring systems that enable it to track the details of
funds in which it invests. The team analyzes and
monitors the majority of the underlying companies
of these funds on a regular basis. Meetings and
telephone conferences with the managers are
systematically held on a quarterly basis, providing
opportunities for the teams to exchange informa-

General Partners Map
Main GPs* in America :
- Pan American
(KKR, Carlyle, TPG, TH Lee,
Onex, etc.)
- Mid Market
(Behrman, FFL, Fox Paine, KRG,
Oak Hill, Harvest, Brazos, etc.)
60
SEATS ON ADVISOrY BOArDS
OF SOME OF ThE WOrLD'S MOST
PrESTIGIOuS FuNDS INCLuDING
KKr, CArLYLE, WL rOSS, ONEX, CVC,
BC PArTNErS, ChArTErhOuSE, CINVEN ETC.
Main GPs in Europe : Main GPs in Asia and Australasia :
- Pan European - Pan Asiatic and Australasian
(BC Partners, CVC, Charterhouse, Cinven,
PAI, Apax, Triton, etc.)
(Affinity, Carlyle, CVC, KKR, etc.)
- Mid Market - Mid Market
(Astorg, Bencis, Clessidra, (3i, Actis, CDH, ChrysCapital,
Lyceum, Mid Europa, Pragma, etc.) CHAMP, etc.)
4
tion about significant events, value creation strategies
and compare their own assumptions with those
developed by the funds managers.
STrENGThS:
Beginning this year, the internally developed - Strong deal sourcing
database which unites the transaction histories and - quality and rapidity of due diligence
market data collected over the past ten years can - Proactive management of portfolio
be accessed by the 48 investment professionals
- Detailed analysis of portfolios and
in the eight offices worldwide. On the principle of
underlying companies
pooled and shared resources, each member of the
team updates the database directly from internal
documents (e.g. capital calls, distribution notices,
quarterly reports) and external data such as market
studies. The volume of information available and
Direct access to 10 year
the strict management of the database give the investment history
funds of funds team a leading position in terms
of knowledge of the private equity market. through AXA Private
In a context in which reactivity and selectivity
are key competitive advantages, AXA Private
Equity's internally
Equity's funds of funds team is in a position to take developed database.
advantage of the best investment opportunities.
In particular, it is ideally placed to benefit from the
growth in secondary deal flow resulting from the
liquidity crisis in the markets, while maintaining a
prudent approach.

* General Partners

24 25

LBO mid cap
Supporting companies
over the long-term
Focusing on majority holdings in companies in
all sectors valued at between ¤100 million and
¤2 billion, the LBO mid cap team has carried out
40 transactions since its creation more than ten
years ago, and has participated in over 20 external
growth transactions.
The team benefits from a direct presence in three
of the leading LBO markets in continental Europe:
France, Germany and Italy. Its 18 investment
professionals constantly share experience during
their work, based on monthly meetings at which
the entire portfolio is systematically reviewed.
Investments are made for a period of years, during
which AXA Private Equity mobilizes its resources
and its network to boost growth of the companies
concerned according to an external growth strategy
worked out with the management as soon as the
equity investment is agreed. AXA Private Equity's
systematic presence on supervisory boards, interven-
tions by top level experts in the relevant sectors
and the strong involvement of the LBO team
contribute to the positive growth enjoyed by
invested companies.
26
AXA Private Equity - The essentials 2008 rEvIEW Portfolio
LBO mid cap
transactions in 2008
Unipex
CONSISTENT INvESTOr
CONFIDENCE in Germany and Europe, providing its resources,
DATE OF INvESTMENT May 2008 network and expertise to enable the company to
In 2008, the fourth generation of LBO mid cap funds COUNTry France-Canada seize the best development opportunities.
(AXA LBO Fund Iv) was raised, amounting to ¤1.6 billion. SECTOr Active ingredients
82% of investors in the previous generation subscribed
and specialty chemicals Bénédicta EXIT
to this new fund.
2008 SALES ¤161m
NUMBEr OF EMPLOyEES 155 DATE OF INvESTMENT July 2005
SySTEMS FOr SUPPOrTING DATE OF EXIT August 2008
Unipex offers a complete solution including r&D,
COMPANIES COUNTry France
production, market authorization and distribution
SECTOr Production and distribution
Both in the growth phase and in difficult times, AXA Private of active ingredients and chemical products for
of mayonnaises and specialty sauces
Equity provides support adapted to the companies in its the cosmetic, pharmaceutical, chemical and food
portfolio. In 2008, it strengthened its cash management NUMBEr OF EMPLOyEES 235
industries. With a portfolio of more than 2,000
procedures as follows:
- Monthly control of debt levels references and a presence in North America, AXA Private Equity supported Bénédicta’s growth
- Accurate tracking of cash-flow positions via six month Europe and Asia, the company has won its place for three years. During the period, this manufacturer
- forecasts
- One year forecasts of quarterly bank covenants
among the leaders of this sector. The management and distributor of sauces strengthened its market
team, supported by AXA Private Equity, is rolling share through the launch of new products and
out a development plan that aims to strengthen the development of its distribution network. It
the company's position in the growth market now has a strong position as the number 2 in the
for health and personal care products. The plan is market for mayonnaises and the French market
The team takes full benefit based on an organic growth strategy coupled leader in specialty sauces. Its sales increased by 30%
with targeted acquisitions that will enable new between 2005 and 2008. During the period of
from a local presence products to be launched while strengthening the AXA Private Equity's support for Bénédicta,
in France, Germany group's distribution network. the company has expanded into new product
segments (microwavable sauces and dips) and has
and Italy. Löwen Play developed its exports to the USA and Belgium.
DATE OF INvESTMENT April 2008 Photonis EXIT
COUNTry Germany
SECTOr Amusement arcade operator DATE OF INvESTMENT December 2001
2008 SALES ¤125m DATE OF EXIT July 2008
NUMBEr OF EMPLOyEES 1,577
The company is based at Bingen in Germany, and is
the second largest arcade operator in the country.
With nearly 4,000 machines and arcade terminals
and a network of 215 games arcades, Löwen Play is
developing in a market that is now consolidating,
with only 4 companies managing over 100 games
sites and holding 9% market share. AXA Private
Equity supports Löwen Play in its growth strategy
27
FOCUS
LBO mid cap

Photonis and AXA Private Equity:

7 years of support to create
a leading international group

By 2008, when AXA Private Equity sold its holding PrOFIT-ShArING

4%
in Photonis after seven years of support, this specialist
in photo-detection had doubled in size since 2001.
The company has become a strong international
group focused on its most buoyant markets (Night
vision and Science & Industry). The group has
successfully diversified and strengthened its base of the capital gain
and now operates from four plants in France, the realized by AXA Private
Netherlands and the USA and is today a worldwide
Equity on unwinding
leader in optical and electronic components.
AXA Private Equity acquired its equity stake in 2001 the LBO transaction
as majority shareholder to be an operational redistributed to all
partner with a long-term view of the company's
Photonis employees
development. AXA Private Equity has supported
the management team in its value creation strategy, as an exceptional bonus.
based on risk reduction (e.g. Euro/Dollar exchange
rate, supply chains, client concentration - in particular
In February 2009, AXA Private Equity won the Support Prize
medical) and on globalizing the company's business.
for Photonis, awarded by Private Equity Magazine (France).
The group has carried out five build-up transactions
that have generated operational synergies in
marketing, development and production, enriched Detectors supplied to CERN (Geneva), the world's largest particle
the product portfolio, raised the segment entry physics laboratory EXIT july 2008
barriers and the added value of its products, and
PErIOD OF SuPPOrT 7 years
positioned Photonis as world leader in its principal
niche markets.
GEOGrAPhICAL rEGION Europe and North America
SECTOr Manufacture of optical
and electronic components
2008 SALES ¤130m
NuMBEr OF EMPLOYEES 1,000

Photonis Acquisition of Acquisition of Acquisition of Acquisition of Acquisition

equity stake DEP Burle Industries Antheryon Optics hi-Light Opto Electronics of Brennel Glass
acquired (Netherlands) (USA) (Netherlands) (Netherlands) (UK)

December February july November july April

2001 2005 2005 2006 2007 2008

28 29

LBO small cap
Facilitating companies
growth and transformation
AXA Private Equity's LBO small cap business is
primarily concerned with medium-sized companies,
generally with a valuation of under ¤100 million where
a majority holding is taken or under ¤500 million in
the case of a minority holding. These are often family
companies looking for finance in order to continue
their growth, or where it is necessary to increase
share capital. AXA Private Equity supports them
for an average period of five years.
The 11 investment professionals in the team work
closely with the management to provide resources
and expertise in the value creation process. The
special relationships that develop with the com-
pany managers foster a sustainable development
environment. This often requires professional
company procedures such as operational impro-
vements, establishing reporting procedures and
management forecasting systems, creation of
corporate governance structures with a manage-
ment board and a supervisory board etc. In 2008,
AXA Private Equity made three small cap invest-
ments and one exit.
30
«We are pleased to have
found in AXA Private Equity
a first-class partner with
a knowledge of our sector, a solid
experience in the companies
development and a well-rounded
international network.»
Chris de Wolf, CEO, Sfinc.
LBO small cap
transactions in 2008
Sfinc
DATE OF INvESTMENT December 2008
COUNTry Belgium
SECTOr Food ingredients
2008 SALES ¤36m
NUMBEr OF EMPLOyEES 74
Sfinc group has enjoyed sharp growth since it
was founded in 2004 producing and distributing
spices, marinades and functional food ingredient
blends for food processing companies. AXA
Private Equity backs Sfinc with its in-depth
knowledge of food industry markets and the
strength of its international network, while also
supporting the group in the roll-out of a growth
strategy combining an external growth targeting
neighboring countries with expansion of the
existing product range.
Altares
DATE OF INvESTMENT July 2008
COUNTry France
SECTOr B2B information provider
2008 SALES ¤54m
NUMBEr OF EMPLOyEES 298
Altares is the leader in the French market for inter-
company information management. In order to
ensure the continued growth of the company, the
management team, supported by AXA Private
Equity, is developing new products and enlarging
its client base. Through this policy to diversify sources
of future growth and the possibility of targeting
selected acquisitions, Altares is strengthening its
positions in complimentary segments of business.
AXA Private Equity - The essentials 2008 rEvIEW Portfolio
Duplomatic
DATE OF INvESTMENT January 2008
COUNTry Italy
SECTOr Manufacturing of
hydraulic valves
2008 SALES ¤31m
NUMBEr OF EMPLOyEES 124
Duplomatic, an Italian-based company focusing
on hydraulic valves with the active support of AXA
Private Equity, is engaged in the proactive creation
of value in its activities. In 2008, investment in
employee training increased by nearly 70%
compared to 2007, and the company has improved
the environmental quality of its industrial facilities
through the addition of a system of smoke and oil
mist extraction. Activities have been refocused
on the most promising markets. The international
distribution network has been strengthened and
the range of products extended.
Sotralu EXIT
DATE OF INvESTMENT July 2005
DATE OF EXIT February 2008
COUNTry France
SECTOr Aluminium window accessories
NUMBEr OF EMPLOyEES 67
During its three years supporting Sotralu, AXA
Private Equity participated in the accelerated growth
of this specialist in the production of aluminium
window accessories. The LBO small cap team contri-
buted to professionalizing the company's operational,
financial and corporate governance policies, in parti-
cular through the establishment of monthly financial
reporting and the introduction of an experienced
supervisory board. Anticipating the planned retirement
of the firm's founder, the team was able to optimize
the transfer by introducing a new CEO in good time.
The investments made gave the company an
important springboard for growth in the years
ahead.
31

Venture capital
Stimulating
innovation
Since 1998, AXA Private Equity has been developing
its expertise in financing innovative and high poten-
tial growth companies in France, supporting them
with its experience. Driven by a team with over ten
years experience in the market, AXA Private Equity
makes long-term commitments to entrepreneurs,
based on a pragmatic approach and constructive
Optical fiber
32
dialogue. Its expertise in the IT, internet and energy/
cleantech sectors is significant. In 2008, AXA
Private Equity carried out 4 new transactions and
6 reinvestments.
Venture capital
transactions in 2008
Prodware
DATE OF INvESTMENT June 2008
COUNTry France
SECTOr Business software integrator
NUMBEr OF EMPLOyEES 950
Prodware specializes in the production and
hosting of IT solutions for mid-market companies.
The company's development is based on internally
developed specialized solutions and strategic
alliances with key software publishers (e.g.
Microsoft, Sage, etc.). The company is positioned
as the client's sole point of entry with an integrated
offer, providing an invoice stream for annual
maintenance of a global solution.
Batiweb
DATE OF INvESTMENT April 2008
COUNTry France
SECTOr Internet portal dedicated to
construction and home improvement
NUMBEr OF EMPLOyEES 25
With over 450 clients and 1 million visitors per
month, Batiweb.com is the leader in France for
websites dedicated to the world of construction,
housing and decoration. Its search engine provides
access to a complete database with references for
55,000 products and 6,000 industrial producers.
In 2008, Batiweb launched 7 sector sites focusing
on various trades in the decoration and construction
industries. AXA Private Equity supports the
company in its growth strategy for the French
market and its international development.
AXA Private Equity - The essentials 2008 rEvIEW Portfolio
Consort NT
DATE OF INvESTMENT March 2008
COUNTry France
SECTOr IT services specialized
in business process and outsourcing
NUMBEr OF EMPLOyEES 900
Founded in 1992, Consort NT offers advisory,
systems integration and knowledge management
services for major customers, the services industry,
banking and insurance. Backed by 900 employees
and 2008 sales of nearly ¤60 million, the company
stands out as one of the leading French companies
in selective knowledge management.
U-Like
DATE OF INvESTMENT January 2008
COUNTry France
SECTOr Social cataloging
NUMBEr OF EMPLOyEES 4
U-Like, which recommends cultural attractions
including cinema, music, literature, museums and
art galleries, functions on the basis of shared
contributions and associations by affinities. The
company is developing in the expanding market
for social cataloging and the creation of special
culture and entertainment communities.
33

Infrastructure
Long-term investments
on a promising market
With reduced risk levels, the infrastructure segment
generates stable returns while offering long-term
visibility for investors. The weak correlation with
other asset classes and business cycles makes
the sector a particularly attractive long-term
investment.
Present on the market since 2005, the dedicated
team of ten professionals has invested over ¤600
million, manages and advises on ¤1.5 billion of
assets in various sectors including water, waste,
motorways and energy. The effective strength of
its institutional and financial network, its expert
Anglian Water: new pipeline in Rutland (UK)
34
knowledge of regulated sectors, and its proven
experience in interactive work with public and
private partners give AXA Private Equity an
excellent position in an extremely competitive
market, enabling it to seize on the best investment
opportunities in Europe, the USA and in emerging
markets which are particularly promising for the
years ahead.
AXA Private Equity - The essentials 2008 rEvIEW Portfolio
Infrastructure
transactions in 2008
Alicorne
This team has been in place since 2004 and AWG's
DATE OF INvESTMENT August 2008 operating results have been ranked over the past
COUNTry France years by Ofwat, the UK regulator, as among the
SECTOr Management best on the market.
and construction of motorways
Alicorne designs, finances, builds and manages the
Saur
operations of France's A88 motorway concession
linking Caen (Normandy) to the motorway network.
DATE OF INvESTMENTApril 2007
AXA Private Equity, working with French con-
PArTIAL EXIT October 2008
tractors, the consultancy firm Egis and the Caisse
COUNTry France
des Dépôts et Consignations, provides funding
SECTOr Water and waste
for operating the existing 15 km section and the
management
construction of a further section of 30 km. The
development is part of a project to stimulate local Saur Group is one of the three historic leaders
employment and to improve local traffic flows in outsourced management of services for local
through the implementation of a policy offering authorities in water and waste management in
toll-free sections and price reductions for daily France, where Saur manages approximately 5,700
commuters. The development is part of a program water contracts serving 5.5 million consumers in
of regional development and environmental inte- over 6,700 municipalities. In waste management,
gration, incorporating proactive measures to preserve Saur manages over 1,000 contracts in domestic
the landscape and limit its impact on natural habitats, waste collection, serving over 5 million inhabi-
in particular those of the Orne valley. tants. Saur is also one of the leaders on the French
market for the design/construction of facilities
Anglian Water for water treatment, with 55 facilities under
construction. In 2008, AXA Private Equity and the
DATE OF INvESTMENT June 2008 Caisse des Dépôts et Consignations signed a sale
COUNTry United Kingdom contract with the CUBE Infrastructure fund for 3%
SECTOr Provider of water and 9% respectively of the share capital of hIME,
and sewerage services Saur group’s holding company. Together with the
other shareholders, which include the industrialist
Anglian Water Group (AWG) is the fourth biggest
Joël Séché, AXA Private Equity supports the
water utility in UK, providing services to more
group’s growth in France and abroad. In order
than 6 million customers in Eastern England. AWG
to optimize results, Saur has strengthened its
provides water services to 4.2 million customers
corporate governance, and in May 2008 appointed
and sewerage services to 5.9 million customers.
Joël Séché as CEO and Olivier Brousse as Managing
AWG is the largest regulated water company in
Director.
terms of area served. Operating in a regulated
and transparent sector, AWG offers regular and
predictable returns correlated with inflation. AXA
Private Equity provides ongoing support for the
group, which is headed by management with
long-term experience in the UK water industry.
35
 AXA Private Equity - The essentials 2008 rEvIEW Portfolio

Co-investment

Selective, high-performance Co-investment

partnerships transactions in 2008
Co-investment, through partnerships between Guala
several investment funds is used in large LBO
transactions, involving companies whose valuation A billion euros DATE OF INvESTMENT September 2008
some fifteen regions and doubling its sites in five
years. At the end of 2008, Bharti Infratel operated

invested
may reach several hundred million or several billion COUNTry Italy 65,000 transmission towers.
euros. As front runner for such transactions in SECTOr Safety closures and aluminium
screw caps

in 32 companies
Europe, AXA Private Equity has carried out 32
Argenta
2008 SALES ¤330m
co-investment transactions since 2005 and has
NUMBEr OF EMPLOyEES 2,300
invested nearly ¤1 billion in three generations of March 2008

worldwide.
DATE OF INvESTMENT
funds. Combining reactivity with selectivity, AXA Guala is a leading company in safety closures for COUNTry Italy
Private Equity's team of six co-investment profes- spirit bottles (60% market share) and aluminium SECTOr Automatic food and
sionals participates in transactions of varied size screw caps for bottles of wine (30% market share). beverage vending machines operator
and sector throughout the world alongside major The company also produces caps in plastic or 2008 SALES ¤171m
private equity funds. aluminium for other drinks and products (e.g. olive NUMBEr OF EMPLOyEES 1,300
AXA Private Equity has enjoyed special relationships oil etc.). Present in 15 countries around the world,
The Italian number 1 in automatic distributors of
for over a decade with the funds thanks to the the group employs nearly 2,300 people. AXA
hot drinks and snacks, Argenta is solidly positioned
company's funds of funds activities. The partnerships Private Equity supports Guala's growth strategy
in its market with 120,000 machines installed and
are boosted by AXA Private Equity's added invest- which is based on upgrading its industrial facilities
65,000 customers. The group targets professionals
ment capacity, in-depth market expertise and its in areas of strong growth, developing business in
A balanced portfolio of companies: in industry, leisure, education and health. Operating
network of contacts throughout the regions in emerging markets (e.g. South America, Eastern
in a dynamic market, the management is currently
which it operates. Europe and Asia) and product innovation, in
implementing a development project through organic
particular in the field of safety closures.
growth and targeted acquisitions with the support
21%
Industry of its shareholders, aimed at consolidating its base
Bharti Infratel
in Italy.
20% 37%
Telecom Western
19% DATE OF INvESTMENT April 2008
(infrastructure Europe
Business
and services) COUNTry India
Services
36%
13% North SECTOr Telecom towers operator
Consumer Goods America
& Services 2008 SALES ¤506m
9% 13%
Transportation Northern 11% NUMBEr OF EMPLOyEES 450
9% and energy Europe Eastern
healthcare Europe An Indian network and telecoms infrastructure
9% 3%
Asia operator, Bharti Infratel is a subsidiary of Bharti
Construction
Airtel, the leading mobile phone operator in India
with 88 million subscribers. Bharti Infratel is actively
positioned to seize opportunities arising from the
growth in the Indian mobile telephone market: the
number of subscribers is expected to rise from 170
million in 2007 to nearly 640 million in 2013, which
Sector Geographical in terms of infrastructure involves quadrupling the
diversification* diversification* number of sites in the country. With 33% market
*Breakdown of invested amounts as of December 31, 2008. share and a particularly solid base in Northern
India, Bharti Infratel's development strategy
involves consolidating its network throughout

36 37
FOCUS
Co-investment

With the acquisition of Media Broadcast

in 2008, AXA Private Equity
contributes to the international
development of TDF
AXA Private Equity acquired a holding TDF’S 2008 SALES
in TDF in 2007 in a business context AMOUNTED TO

¤1.6
marked by profound changes in the
European market for audiovisual
and telecom broadcasting. The mana-
gement team, actively supported by
BILLION
the shareholders, is rolling out an ambitious indus-
trial strategy based on the development of new
OF WhICh NEArLy 50% WAS
digital technologies and the bolstering of the GENErATED OUTSIDE FrANCE.
group's positions in various European markets.
TDF's presence in Europe
AXA Private Equity is contributing to the group's
European development by providing TDF with access TDF has a solid base in the
different European markets.
to its resources and its international network.
The group is now established as the principal
operator of broadcasting networks and shared
infrastructures in Europe. Digita

In 2008, AXA Private Equity supported the

Finland
acquisition of Alticom in the Netherlands and Alticom

Antenna hungaria in hungary and facilitated Estonia Media Broadcast

the merger with Media Broadcast in Germany. Netherlands
Poland
Antenna Hungaria
AXA Private Equity's solid roots in Germany, Germany
France
Hungary Telecommunication tower
based on its office in Frankfurt and the special Axion DATE OF INVESTMENT january 2007
relationships built up over a long period in industrial
Spain BuILD-uP TrANSACTIONS SINCE 2007 3
and institutional circles, contributed to the success
of these transactions. Today, half of TDF's sales rEGION Europe
are generated outside France. SECTOr radio-telecommunications infrastructure
NuMBEr OF EMPLOYEES 5,350
A STrATEGIC COLLABOrATION
MAIN INVESTOrS AXA Private Equity & Texas Pacific Group
The merger with Germany's original operator has enabled
TDF group to develop operating synergies and promising
growth platforms in fields such as satellite redistribution,
mobile Tv, multimedia, dynamic display advertising and
digital films. Acquisition of Antenna hungaria Acquisition of
Equity stake in (hungary) and Alticom Media Broadcast
TDF acquired (Netherlands) (Germany)

january May january

2007 2007 2008

38 39
 AXA Private Equity - The essentials 2008 rEvIEW Portfolio

Mezzanine

A dynamic team Mezzanine

backed by the AXA transactions in 2008
Private Equity network DIRECT
INVESTMENTS

Socotec Booz Allen Hamilton Dreams

Mezzanine is a source of financing subordinated to
senior debt, which is used in leveraged buyouts but DATE OF INVESTMENT Nov. 2008 DATE OF INVESTMENT August 2008 DATE OF INVESTMENT March 2008
COUNTRY France COUNTRY United States COUNTRY United Kingdom
also for financing expansion projects, acquisitions
SECTOR Inspection, audit, SECTOR Consulting firm specialized SECTOR Chain of bed
and shareholder reorganizations. In three years, and certification for the building in government projects and mattress stores
AXA Private Equity has established one of the and public works 2008 ESTIMATED SALES ¤1 ,947m 2008 ESTIMATED SALES ¤204m
2008 ESTIMATED SALES ¤436m

Over ¤2 billion
most dynamic teams on the market having
Voice Construction CTL Logistics
provided financing to 65 companies and invested Euromedic
in 15 mezzanine funds. DATE OF INVESTMENT August 2008 DATE OF INVESTMENT Feb. 2008
In 2008, the firm provided financing to 18 companies
and invested in 2 funds. The team of 9 investment
of funds under DATE OF INVESTMENT
COUNTRY
SECTOR
hungary
Oct. 2008

Pan European medical

COUNTRY
SECTOR
Canada
Civil engineering
2008 ESTIMATED SALES ¤117m
COUNTRY
SECTOR
Poland
railway logistics operator
2008 ESTIMATED SALES ¤249m
professionals, based in Paris, London, Milan and
New york, backed by the resources of AXA Private management service provider
2008 ESTIMATED SALES ¤280m WFC Elilario

Equity’s international network, has over ¤2 billion

of funds under management within a broad region in Europe, North Biomnis

DATE OF INVESTMENT Oct. 2008

DATE OF INVESTMENT
COUNTRY
SECTOR
France
July 2008

Marketing and sale

DATE OF INVESTMENT
COUNTRY
SECTOR
Feb. 2008
Italy and Spain
helicopter operator

America and Asia.

including Western and Eastern Europe, North COUNTRY France of freight capacity for cargo 2008 ESTIMATED SALES ¤247m
America and Asia. SECTOR Specialized medical and airlines
The team’s expertise in structuring transactions pathology laboratory 2008 ESTIMATED SALES ¤31m Martek Power
2008 ESTIMATED SALES ¤221m
and long-term strategy, while matching its Stabilus DATE OF INVESTMENT January 2008
interests with those of its equity investors, make Talaris COUNTRY France
it a reliable long-term partner for companies and DATE OF INVESTMENT May 2008 SECTOR Power supplies, power
DATE OF INVESTMENT Sept. 2008 COUNTRY Germany converters and inverters
investment funds. The mezzanine team is boosted COUNTRY United Kingdom SECTOR Gas springs, dampers and 2008 ESTIMATED SALES ¤70m
by strong synergies with the entire range of AXA SECTOR Provider of cash automation actuators for industrial applications
equipment to financial institutions 2008 ESTIMATED SALES ¤ 385m
Private Equity’s activities, particularly thanks to
2008 ESTIMATED SALES ¤301m FUNDS OF FUNDS
its relationship of trust established by the funds Wood Mackenzie INVESTMENTS
of funds team with the largest private equity Photonis
DATE OF INVESTMENT May 2008 Carlyle Mezzanine
managers worldwide, which bolster its origination
DATE OF INVESTMENT Sept. 2008 COUNTRY United Kingdom Partners II
capacity and enable it to offer financing to the COUNTRY
OUNTRY Europe and North America SECTOR research and consulting
best companies. SECTOR Photo sensor technology for global energy companies DATE OF INVESTMENT April 2008
2008 ESTIMATED SALES ¤130m 2008 ESTIMATED SALES ¤101m COUNTRY United States

The Sun Products BTC TCW Crescent

Corporation Mezzanine V
DATE OF INVESTMENT April 2008
DATE OF INVESTMENT Sept. 2008 COUNTRY Bulgaria DATE OF INVESTMENT February 2008
COUNTRY United States SECTOR Telecom operator COUNTRY United States and Europe
SECTOR Laundry detergents 2008 ESTIMATED SALES ¤567m
and personal care products
2008 ESTIMATED SALES ¤1,398m MidSouth

James Hull DATE OF INVESTMENT April 2008

COUNTRY China
DATE OF INVESTMENT August 2008 SECTOR reinforced fiberglass
COUNTRY United Kingdom manufacturer
SECTOR Chain of dental centers 2008 ESTIMATED SALES ¤72m
2008 ESTIMATED SALES ¤32m
40 41
 AXA
Private
Equity
Portfolio

42 43
 AXA Private Equity - The essentials 2008 Review Portfolio

Primary funds of funds Secondary and early secondary

funds of funds
2,854
Breakdown by Breakdown by region* 4 generations of secondary funds of funds
investment strategy* (in million dollars)
*Number of funds as of December 31, 2008.
1,040
220 480
68%
LBO
48%
North ASF I
25% America 1999
ASF II
Venture capital 44%
6% 2001
Europe ASF III
Others ASF IV
2004
8% 2007
1% Asia, Austrasia
Distressed Middle-East Secondary funds of funds
funds
Amounts committed (in million dollars)
and number of transactions as of December 31, 2008

800
10
700 9 735
8
600 9
7
500 8
7
400 7
485 494 7
5
300
4 5
5 6
200 298 306
100 84 5
Number of primary funds of funds commitments by vintage Amounts
committed 0
67 77 81 4
120
3
3
1999
2000
43 2001 2
2002
2003
38 2004 1
37 2005
2006 0
Number of
2007
transactions
2008

30
28
25
Early secondary funds of funds
Amounts committed (in million euros)
23
and number of transactions as of December 31, 2008
16 20
14
300
269
12 250 276
12
200
218
11 10
150
6

100 5 8
53
5 107
<1998 50
1998
1999 Amounts 6
2000 committed
2001 0
2002
2003 4
2004 44
2003
2005
2004 2
2006
2005
2007
2008 2006 0
Number of
2007 transactions
2008

44 45
 AXA Private Equity - The essentials 2008 Review Portfolio

LBO mid cap Venture Capital

2008
ESTIMATED
REVENUES
COMPANY INVESTMENT DATE SECTOR COUNTRY IN ¤M COMPANY INVESTMENT DATE SECTOR COUNTRY

UNIPEX May 08 Active ingredients and specialty chemicals France / Canada 165 PRODWARE June 08 Business software integrator France

LÖWEN PLAY April 08 Amusement arcade operator Germany 125 BATIWEB April 08 Construction and home improvement website France

DIANA INGREDIENTS June 07 Natural ingredients for pet food, human food, France 318 CONSORT NT March 08 IT services specialized in business process outsourcing France
beverages & pharmaceuticals

Innovative software and services

U-LIKE January 08 Social cataloging France
CABB January 07 Specialty chemicals Germany 313
PUBLIC IDEES December 07 Affiliation platform France
GERFLOR November 06 PVC flooring France 426
WELCOME REAL TIME May 07 Promotional marketing software France
ELIOKEM October 06 Specialty chemicals France 200
BRAINSONIC December 06 Rich media and web TV content publisher and producer France
TLD September 06 Airport ground support equipments France 175
ANUMAN October 06 Software publisher – mass market, utility programs France
SKYROCK May 06 Radio and internet (blogs) France 38
EBUYCLUB January 06 Internet community cash back site France
RAIL.ONE April 06 Concrete sleepers Germany 129
PC SOFT July 05 Windev development tools software France
AIXAM MEGA February 06 Licence-free vehicles France 123
SPARUS SOFTWARE March 05 Mobile device management software France
SPOTLESS GROUP November 05 Laundry and home-cleaning products France 367
ARPSON January 05 Financial management software France
GEALAN December 04 PVC profiles for doors and windows Germany 278
PLANISWARE December 02 Project portfolio management software France

SYSLOAD SOFTWARE June 02 Virtualization server software France

TAGSYS August 01 IT services in Radio Frequency Identification United States

AXIALOG January 01 IT services France

TEN October 07 Telecom operator France

Telecoms and
LBO small cap

components
OXXIUS July 06 Development and production of diode-pumped solid state lasers France

B3G TELECOM November 05 Private telecom operator specializing in Voice over IP France
for businesses
2008
ESTIMATED MODELABS September 04 Made-to-measure mobile telecoms terminals manufacturer France
REVENUES
COMPANY INVESTMENT DATE SECTOR COUNTRY IN ¤M STREAMEZZO August 04 Software publisher of interactive rich media for mobile terminals France

SFINC December 08 Food ingredients Belgium 36 ERYTECH PHARMA December 06 Development of oncology cell therapies France
ALTARES July 08 B2B information provider France 54 METAGENEX July 06 Prenatal diagnosis France

Life sciences
DUPLOMATIC January 08 Manufacturer of hydraulic valves Italy 31 TXCELL September 04 Cellular therapy for the treatment of inflammatory diseases France
SYNERLAB June 07 Manufacturer of generic pharmaceutical products France 77 AGENDIA March 04 Molecular diagnosis laboratory Netherlands
WELCOME REAL TIME May 07 Promotional marketing software France 16 CYTHERIS September 02 Development of immune modulation drugs France
TRECOBAT February 07 Single-family houses building company France 109 MUTABILIS July 02 Development of anti-infective drugs France

KTP October 06 Manufacturer of plastic containers and palettes Germany 24 AUREUS July 02 Knowledge management platform for life sciences France

CHAMPEAU September 06 Industrial framework for single family houses France 71

PIRIOU July 06 Shipyard France 123

SKYROCK May 06 Radio and internet (blogs) France 38

CREDIREC March 06 Claims collection France 29

BBSP July 05 Technical and graphical analysis of financial France 11

markets

LOWENDAL MASAÏ September 04 Social security, tax and operating cost France 59
reduction consultancy

46 47
 AXA Private Equity - The essentials 2008 Review Portfolio

Infrastructure Co-investment
2008
ESTIMATED
REVENUES
COMPANY INVESTMENT DATE SECTOR COUNTRY COMPANY INVESTMENT DATE SECTOR COUNTRY IN ¤M

ALICORNE August 08 Management and construction of motorways France GUALA CLOSURES GROUP September 08 Safety closures and aluminium screw caps Italy 330

ANGLIAN WATER June 08 Provider of water and sewerage services United Kingdom BHARTI INFRATEL April 08 Telecom towers operator India 506
GROUP ARGENTA March 08 Automatic food & beverage vending machines Italy 171
HISI October 07 Construction and management of hospitals Italy operator

TOZZI WIND FARMS May 07 Wind farming Italy HARRAH'S ENTERTAINMENT January 08 Casino entertainement and hotel operator United States 7,486

SAUR April 07 Water and waste management France KYOBO December 07 Life insurance Korea 6,167

SITA December 06 Waste management United Kingdom ENERGY FUTURE HOLDINGS October 07 Electricity generation and distribution United States 7,936
NORTHUMBERLAND FIRST DATA September 07 Payment processing services provider United States 5,989
SITA CORNWALL October 06 Waste management United Kingdom SINOPACIFIC September 07 Manufacturer of specialty vessels China 1,011
SANEF January 06 Motorways France ALLISON TRANSMISSION August 07 Manufacturer of automatic transmissions United States 1,425
for commercial vehicles

ALLIANCE BOOTS July 07 Pharmaceuticals and beauty products retailer United Kingdom 20,985
and wholesaler

ARK HOLDING July 07 Nursing homes operator United States 165

BITÉ March 07 Mobile network operator Lithuania 229

KEOLIS January 07 Passenger transport operator France 3,140

TDF January 07 Broadcasting and transmission services provider France 1,638

FREESCALE SEMICONDUCTOR November 06 Semiconductor components manufacturer United States 3,614

RENTAL SERVICES CORPORATION November 06 Equipment rental services supplier United States 1,245

PUUKESKUS OY November 06 Wood-based building materials distributor Finland 488

COM HEM / UPC SWEDEN September 06 Cable-TV operator Sweden 369

NXP September 06 Semiconductor components manufacturer Netherlands 3,787

MEDICA August 06 Nursing homes operator France 428

ROOFING SUPPLY GROUP August 06 Roofing materials distributor United States 557

THE NIELSEN COMPANY August 06 B2B, media measurement and marketing Netherlands 3,430
information provider

DSI April 06 Kidney dialysis clinics operator United States 230

LEVANTINA April 06 Marble and granit distributor Spain 300

ASTER CITY February 06 Cable-TV operator Poland 107

FRANS BONHOMME December 05 Plastic pipes & fittings B2B retailer France 870

REXEL October 05 Electrical parts and supplies B2B distributor France 12,900

ISS August 05 Multi-facilities services provider (cleaning, Denmark 9,262

property services, office support and catering)

CHR HANSEN August 05 Manufacturer of natural ingredients Denmark 477

for the food industry

SPIRIT AEROSYSTEMS August 05 Commercial aircraft composite structures United States 2,628
manufacturer

KWIK-FIT August 05 Fast fit automotive services United Kingdom 1,192

48 49
 AXA Private Equity - The essentials 2008 Review Portfolio

Mezzanine
2008 2008
ESTIMATED ESTIMATED
REVENUES REVENUES
COMPANY INVESTMENT DATE SECTOR COUNTRY IN ¤M COMPANY INVESTMENT DATE SECTOR COUNTRY IN ¤M

SOCOTEC November 08 Inspection, audit for building and public works France 436 ALIPLAST March 07 Aluminium profiles for windows, verandas Belgium 286
and doors
EUROMEDIC October 08 Pan-European medical service provider Hungary 280

BIOMNIS October 08 Specialized medical pathology laboratory France 221 CABB February 07 Specialty chemicals Germany 313

TALARIS September 08 Provider of cash automation equipment United Kingdom 301 EVERIS February 07 Consulting firm in information systems Spain 385

to financial institutions LAMPE BERGER January 07 Indoor perfumes France 55

Direct Investments Mezzanine

PHOTONIS September 08 Photo sensor technology Europe / 130 ZIGGO November 06 Cable operator Netherlands 1,239
North America UNITHER November 06 Pharmaceutical and cosmetics industry France 82
THE SUN PRODUCTS September 08 Laundry detergents and personal care products United States 1,398 STACI October 06 Logistics for non strategic purchasing France 105
CORPORATION
LIMONI September 06 Retailer of perfumes and beauty products Italy 351
JAMES HULL August 08 Chain of dental practises United Kingdom 32
RAIL.ONE June 06 Concrete sleepers and system provider for railways Germany 129
BOOZ ALLEN HAMILTON August 08 Consulting firm specialized in government projects United States 1,947
SKYROCK May 06 Radio and internet (blogs) France 38
VOICE CONSTRUCTION August 08 Civil engineering Canada 117
RLD April 06 Cleaning and rental of flat linen France 140
WFC July 08 Marketing and sale of freight capacity for cargo France 31 and working apparel
and airlines
CREDIREC April 06 Claims collection France 29
STABILUS May 08 Gas springs, dampers and actuators Germany 385
for industrial applications SOGETREL January 06 Engineering of voice/data/image networks France 203

AIXAM January 06 Licence-free vehicles France 123

WOOD MACKENZIE May 08 Commercial and strategic analysis to companies United Kingdom 101
operating in the global energy industry NEUMAYER TEKFOR December 05 Sub-contractor in the motor industry Germany 590

BTC April 08 Telecom operator Bulgaria 567 ABRISUD November 05 Manufacture of swimming pool covers France 44
Direct Investments Mezzanine

MIDSOUTH April 08 Reinforced fiberglass plastic manufacturer China 72 SIA July 05 Interior decoration articles France 109

DREAMS March 08 Chain of bed and mattress stores United Kingdom 204

CTL LOGISTICS February 08 Railway logistics operator Poland 249

ELILARIO February 08 Helicopter operator Italy / Spain 247 FUNDS INVESTMENT DATE COUNTRY

MARTEK POWER January 08 Designer and manufacturer of standard and custom France 70 CARLYLE MEZZANINE PARTNERS II April 08 United States
power supplies, converters and inverters
TCW CRESCENT MEZZANINE V February 08 United States /
SIEM FLEXITALLIC November 07 Watertight joints France 87 Europe

PROSODIE November 07 Telecom and IT France 180 DARBY ASIA October 07 Asia

MATEBAT November 07 Crane rentals and sales France 63 CLSA MEZZASIA October 07 Asia

Mezzanine fundS of funds

TRESCAL November 07 Metrological and calibration services France 74 ACCESSION MEZZANINE CAPITAL II October 07 Eastern and
Central Europe
ZODIAC October 07 Manufacturer and distributor of branded France 567
DARBY CONVERGING EUROPE July 07 Eastern and
pool equipment
Central Europe
HEALTHCARE AT HOME October 07 Home healthcare services United Kingdom 55
CAPZANINE II July 07 France
SAVEUR September 07 Ingredients and aromatic product France 60
BIA DIGITAL PARTNERS July 07 United States
for the food industry
DLJ III July 07 United States
VIZADA September 07 Satellite telecommunications France / Norway 501
MEZZANOVE CAPITAL April 07 Italy
CAMAÏEU August 07 Women's ready-to-wear clothing France 709
GSC II May 06 Europe
THE CONTAINER STORE August 07 Retail chain for home and office storage solutions United States 414
HUTTON COLLINS II February 06 United Kingdom
CEVA July 07 Veterinary pharmaceutical laboratory France 361
EUROMEZZANINE V February 06 Europe
DEMECO July 07 Moving company for offices and households France 62
M CAP FINANCE January 06 Europe
BITÉ June 07 Mobile telephone operator Lithuania 232
CAPZANINE June 05 France
STOKOMANI May 07 Retail chain of branded discounted products France 104

KEOLIS April 07 Passenger transport operator France 3,140

SGD April 07 Moulded glass packaging France 310

KP1 March 07 Prefabricated concrete elements France 365

PHADIA March 07 Blood analysis systems for diagnosing Sweden 291

allergies, asthma

50 51
 This publication has been prepared
by the AXA Private Equity Communications Department
Editorial: STRATEGIES&IMAGE
Graphics: RESEARCH STUDIOS PARIS
Printed on PEFC certified paper, from sustainable forests
by printer Bis'Art – March 2009

ILLUSTRATION:
Daniel Dufour p.14
PHOTOGRAPHIES:
©Richard Cogne p.4, p.10, p.17
©CORBIS p.31, p.33, p.35, p.39
©GETTY p.32, p.33,p.35

52