AXA Private Equity, the private equity business of the French insurer, has opened an office in Switzerland to target what it sees as increasing local demand from wealthy individuals and to expand its European network, according to a report in Financial News.

The office will be led Martin Kessi, who joins from venture capital firm NanoDimension. His team will oversee Swiss insurance affiliate AXA Winterthur’s existing portfolio of private equity investments as well as offering additional services and products to Swiss private banks and family offices.

The office will initially have three professional staff, with plans to expand the team in future.