Axa Private Equity, the mid-market alternative investment arm of the the French insurer, is to form a private equity partnership with the state savings bank of Quebec that will see the two invest a combined €1.5bn ($1.8bn) in mid-sized companies across the globe.

Axa and the Caisse de dépôt et placement du Québec will put €750m into the venture, with 60% to be invested in Europe, a third in Asia and the rest in the US.