Nearly completing its withdrawal from the alternative investment field in order to focus on manufacturing, General Electric Co. (NYSE: GE) has agreed to sell its private equity investment group to French alternative asset manager Ardian for about $500 million, according to Bloomberg, citing people with knowledge of the matter.

Ardian won the assets earlier in September in an auction process run by Evercore Partners Inc., said two of the people, who asked not to be identified because the information is private. The team in charge of GE Capital Equity, led by Patrick Kocsi, is expected to continue to manage the assets and may receive additional capital to complete future deals by Ardian, sources said. Those details have not been finalized and management may still change.

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