BUYOUT group Kohlberg Kravis Roberts has dropped out of the bidding process for Axa Private Equity.
Canadian asset manger Onex, Canadian pension fund Caisse de dépôt et placement du Québec and sovereign wealth fund the Government of Singapore Investment Corp (GIC) remain in contention after the deadline for first-round bids passed earlier this month.
Last month Axa began a “strategic review” of its private equity arm, which had €20bn (£17.41bn) of assets under control at 30 June. It could be sold for between £200m and £400m as new capital requirement rules force the insurance industry to increase its financial strength.
Onex could not be contacted yesterday and all the other parties declined to comment.