The AXA Group, a global insurance and asset management company, may be spinning off its private equity division to AXA Private Equity's senior management (led by Dominique Senequier), a group of institutions and French family offices and AXA Group. The transaction would value the PE division at €510 million ($656 million). Post-transaction, AXA Private Equity's voting share capital would be held by the firm's management and employees (40%), external investors (33.14%) and AXA Group (26.86%). The proposed transaction would enable AXA Private Equity to become an independent private equity firm with €24 billion ($31 billion) of AUM across several asset classes, including funds of funds, direct funds (comprising 160 portfolio companies), co-investments and private debt. The deal is expected to be finalized by the end of 3Q 2013.