Asia: powering Ardian’s next phase of growth

“From a fundraising perspective, the importance of Asia is undeniable,” says Jan Philipp Schmitz, Ardian's Executive Vice-President, Head of Investor Relations, and Head of Asia. He notes that the region’s role has expanded rapidly in recent years, reflecting both investor appetite and the strength of Ardian’s local platform. “The growth has been huge."

Last year, Asian investors contributed nearly a quarter of all capital raised for Ardian's landmark $30 billion Secondaries platform – surpassing the sums raised in Europe and North America. 

The momentum has continued with Infrastructure Fund VI, where 32% of commitments came from Asia – a sharp increase from the previous fund. 

These flows reflect both the growing capital base of this immense region and Ardian’s increasing recognition among Asian investors. “Our brand recognition in Asia is growing stronger every year,” says Won Ha, Head of Singapore and Korea. 

A key region for secondary transactions

On the investment side, Ardian is one of the most active secondary buyers in Asia, having completed more than a dozen transactions worth over $7 billion with regional sellers in recent years. While these portfolios typically consist of US and European assets, the share of Asian assets is expected to rise as local markets deepen and mature.

Through Ardian Customized Solutions, institutional clients can also build tailored portfolios, including selective primary investments in Asia. 

With experienced client solutions professionals based in the region, Ardian can deliver bespoke strategies shaped by an in‑depth understanding of investor priorities. As Won Ha notes, this sets the firm apart in the region: "We are not just raising capital, but building deeper relationships.”

Hong Kong, a gateway for private markets

In October, Ardian marked a new milestone in its Asia expansion with the opening of its Hong Kong office. “We are seeing a growing number of clients here,” says Jason Yao, Head of Greater China, “along with rising volumes notably across secondaries and infrastructure.”

One of the most important financial centers in the world, Hong Kong is not only a hub for institutional capital but also for the peers and intermediaries that facilitate secondary deals in Mainland China – a market that surged in 2025. 

Hong Kong’s private market assets have grown nearly sixfold since 2014, reaching an estimated $300-400 billion in assets under management by 2024, according to PitchBook. While some institutions scaled back or relocated after the pandemic, there has since been a visible return of firms to the city, and Ardian is among those re-establishing a stronger presence. “Competition for talent is currently intense,” Yao adds.

Here as across the region, the private wealth segment is growing in importance, and Ardian has dedicated local teams to meet their needs. The firm has recently made solid progress in building relationships with global private banks. 

Benefiting from strong policy support to develop its private markets ecosystem, the city is set for continued expansion in the years ahead.

Dynamic and diverse markets

Across the border, China remains a central player in Asia’s private equity landscape. Its economy continues to evolve rapidly, propelled by innovation in areas such as green technology, semiconductors and artificial intelligence. This dynamism, combined with a large domestic market and deep integration into global supply chains, underpins sustained activity across private markets. Deal volumes reached $47 billion in 2024, driven by large-cap transactions and a growing share of secondaries and continuation funds. Ardian’s Greater China AUM stands at around $11.6 billion by fund commitment, and the firm continues to view the region as a key part of its long-term strategy.

Further south, Singapore has long served as Ardian’s regional base – and continues to play a pivotal role. This year, Ardian’s Singapore office celebrated its 20th anniversary. “We decided to establish an office in Singapore because, at the time, it was the best place for us – we already had strong institutional relationships here,” recalls Won Ha. “It has since grown into a solid base for Ardian’s platform in Asia.

At the time, Singapore was leading the development of both the primary and secondary private equity markets across Asia, making it the natural launch point for Ardian’s regional growth. From there, the team covered Greater China and other key markets, travelling extensively to build local partnerships. Two decades on, that foundation has evolved into a significant regional franchise: Ardian has deployed around $2 billion in Asian primary investments, spanning 89 underlying funds, and approximately $4 billion in secondaries, across 114 fund positions.

“This is a remarkable achievement given the limited size of our team in Asia,” says Won.

The city-state’s vibrant financial ecosystem has also reinforced its role as a hub for private-markets activity across the region. Private-equity investment rose sharply in 2024 – up 60% to $16 billion – as Singapore continued to attract pan-Asian strategies supported by its robust legal and regulatory framework. A global center for trade and capital, it now boasts a GDP per capita higher than that of the US or Australia.

A strong presence in Korea and Japan

North of Singapore, South Korea has also become a cornerstone of Ardian’s presence in Asia, active in the country since 2011 and with an office since 2018. Also managed by Won Ha, the team has built close partnerships with the country’s major institutional investors. Today, Ardian manages around $10.3 billion in commitments from 61 Korean investors. Located in the Gwanghwamun financial district, the Seoul office works across primary, secondary, co-investment and private credit strategies, playing a central role in connecting Korean capital with global opportunities.

Further north, Japan’s private equity market has gained new dynamism and maturity in recent years – a trend highlighted by many, including at IPEM in Paris. 

"Historically, Japanese investors were served by our Singapore office," explains Kanji Takenaka, Ardian's Head of Japan. "Then, in 2018, we opened our Tokyo office. Ardian now has relationships with more than 100 leading local investors, who entrust us with around $7 billion of committed capital across all of Ardian's activities."

The country has seen a notable rise in public-to-private transactions. As a major provider of liquidity through its secondary platform, Ardian supports Japanese buyout funds and benefits from the growing pipeline of opportunities. “We have long been an active supporter of Japanese private equity, helping local managers acquire quality companies with strong growth prospects,” says Takenaka. 

After two decades of consistent expansion, Ardian’s trajectory in Asia is clear. Schmitz concludes: “Asia will be at the heart of Ardian's global growth story for many years to come.”