Head of Ardian Fund of Funds and Ardian Private Debt, and Member of the Executive Committee
Ardian has the world’s biggest Secondary Fund of Funds platform and dominates the upper end of the market. The team partners with major government and private-sector institutions to undertake the largest and most complex transactions, frequently buying portfolios between $1bn and $2bn from institutional investors, including pension plans, sovereign wealth funds and insurers. During 2018, Ardian again claimed a major share of the largest secondary deals, including a $2.4bn transaction with a North American insurance company involving a diversified portfolio of 275 LP interests, which was syndicated to a number of top-tier LPs.
The Fund of Funds team is currently investing its seventh generation secondary platform which closed in April 2016 at $14bn including co-investment commitments. By the end of 2018, the fund was 83% invested. Ardian also remains a leading investor in Primary Fund of Funds and has continued to significantly grow its Mandates operation, investing around $2bn in leading buyout managers during 2018.
In addition, the team continues to build on its market leading position by expanding its expertise in energy and infrastructure secondaries. Deals in 2018 included the $2bn acquisition of a portfolio of infrastructure interests from a North American insurance company, which was also syndicated to a number of top-tier LPs.
“As primary market funds get bigger, the secondary market naturally follows. We think deal flow of $100bn a year is likely to happen in the near future.”