Citigroup has agreed to sell a portfolio of private equity assets to Axa Private Equity for $1.7 billion, the French insurer said on Wednesday.

The portfolio comprises 207 stakes in various buyout funds as well as some direct stakes in companies, Axa said, adding that Citi -- which has been looking to focus on its core businesses -- was financing the purchase.

(Reporting by Christian Plumb; Editing by James Regan)