Axa Private Equity, the private equity arm of the French insurer, has closed a fund for investment in secondary private equity opportunities at €250m ($309m) amid predictions the secondaries market will reach $10bn this year.

James Pitt, managing director and head of UK operations at Axa Private Equity, said his firm's fundraising had taken nine months. "We conceived of the idea last March, launched it in May and made a first closing at $120m in June. We have already made seven investments from it, committing 25% of the fund's capital, and received some distributions."