Citigroup is selling its private equity assets portfolio worth $1.7 billion to European buyout firm AXA Private Equity, The Wall Street Journal reports. The portfolio comprises a package of 207 investments in buyout funds, including stakes in funds owned by KKR, Blackstone, Carlyle, Providence Equity Partners and others, as well as direct stakes in around 20 companies.

The holdings are a part of nearly $600 billion in assets that include troubled loan and securities portfolios earmarked for sale in 2009. The portfolio does not include Metalmark Capital, a buyout firm that is part of Citi Capital Advisors, an asset-management unit within Citigroup.

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