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Both Swiss Re's private equity business and Conversus invest in a portfolio of private equity funds from firms like Blackstone, CVC and KKR, which in turn plough that capital into companies via leveraged buyouts and minority investments.

Swiss Re's deal to sell its $7.5 billion private equity and infrastructure fund of funds business follows hot on the heels of HarbourVest Partners' agreement to buy Amsterdam-listed private equity fund of funds business Conversus Capital .

Conversus said on Monday it had agreed to sell itself to HarbourVest for $1.4 billion, which represented a 14 percent discount to its asset valuation.

The sale followed a strategic review by Conversus, which had last year put a halt to new private equity investments and pledged to return money to its shareholders.

Tu es qui ore tuo sancto et casto dixisti: in quacumque die conversus fuerit peccator, vita vivet et non morietur.