NEW YORK — Bank of America on Thursday said it sold a $1.9 billion portfolio of private equity to AXA Private Equity.

Exact terms were not disclosed, but it’s one of the largest secondary private equity deals done in recent years, and offers more evidence that the appetite for such deals is heating up.

Earlier this week, AXA Private Equity bought private equity holdings worth about $718 million from French bank Natixis.

The company is a unit of French insurance giant Axa S.A.

"Over the last two years we have remained very cautious in our approach," said Vincent Gombault, Managing Director Fund of Funds at AXA Private Equity in a statement. "Today we feel the market conditions are right to make acquisitions."

The sale takes place as Congress is considering a bill to prohibit banks from holding any ownership in private equity funds or sponsoring hedge funds.

Bank of America said the deal allows it to reduce its private equity fund investments and manage risk over the long term.

The portfolio consists of interests in mature buyout funds. It boosts the French company’s exposure in the U.S.

In Thursday trading, Bank of America shares slipped 6 cents to $18.22. American shares of Axa S.A. fell 62 cents, or 2.8 percent, to $21.78.