Global alternative investments firm AXA IM Alts is looking to grow its presence in North America, especially in the United States, and has tapped one of its own to relocate to the United States and lead the effort.
AXA IM Alts said it appointed Stephan Ackermann to fill the new role of head of client group, North America.
Ackermann most recently served as head of client capital group in the Asia-Pacific region and U.S. In his new role, he plans to focus on the company’s capital-raising activities in North America to work to expand AXA's strategies across commercial property and private debt as well as private equity and environmental, social and governance and impact investments.
Ackermann has relocated to AXA IM Alts' New York office from its London office to focus on North America.
AXA said the appointment is part of its "ongoing expansion of its international platform, allowing it to better serve its global client base and achieve its significant growth ambitions in the Americas region and in the U.S. in particular."
AXA's move to further expand its presence comes as cross-border investment in the U.S. is increasing. In the fourth quarter, cross-border investments in U.S. real estate increased by 115% year over year, to $29 billion, and accounted for about 10% of the overall volume of $296 billion, according to a report from CBRE.
For the year in 2021, foreign capital accounted for $56 billion or 7.5% of total investment volume in U.S. commercial property of $746 billion, CBRE said in the report.
AXA IM Alts has $17 billion in assets under management in the U.S. and operates offices in Greenwich, Connecticut, and in metro Atlanta in addition to New York. Some $6 billion of its managed assets are direct equity investments, while the remaining $11 billion are debt investments.
In 2021, AXA IM Alts closed on $1.4 billion worth of real estate equity transactions, with the largest being its $1.2 billion acquisition of a 23-property portfolio. AXA IM Alts bought the portfolio from Dermody Properties Industrial Fund II, and Reno, Nevada-based Dermody Properties partnered with AXA in the deal. Dermody Properties serves as the operating manager for their venture.
Florence Dard, global head of client group at AXA IM Alts, said Ackermann's appointment to the new North American leadership role is important for the firm, which made a major play to expand its U.S. business when in 2020 it acquired one of Quadrant Real Estate Advisors' lines of business focused on America that added $10 billion of assets under management in the country.
"Stephan’s appointment reflects not only the rapid growth of AXA IM Alts’ U.S. client base, but also once again underlines the significant ambitions we have for the North American region, in terms of both capital raising and as a location for investments," Dard said in a statement.
In February, AXA IM Alts bolstered its U.S. presence when it appointed Fiona Choi Kurz as senior sales manager. Kurz also is based in New York City.
AXA IM Alts also has been busy in the United Kingdom and across Europe this year. Earlier this week, the firm bought an approximately $510 million U.K. logistics portfolio from a joint venture between Goldman Sachs and Canmoor. And the week before last, AXA IM Alts acquired a 740-bed residential portfolio in Madrid from funds managed by Blackstone in a deal valued at about $310 million.
Ackermann has been with AXA since 2006.