Ardian | Secondaries & Primaries

The global leader in Secondaries & Primaries investments

Ardian has the world’s largest Secondaries & Primaries platform, with more than $97bn under management or advisement. Since 1999, we have built the world’s leading Secondaries platform: we acquire stakes in high-quality private equity and infrastructure funds from institutional investors, providing a liquidity solution for them before the underlying funds reach maturity. On the primary side, we use our unrivalled network to give our investors access to top-tier fundraisings worldwide. Our integrated primary and secondary set-up ensures that Ardian has a common relationship network of managers and a world-leading proprietary database.

THE TEAM
Secondaries & Primaries case studies

1,600+

Funds in the portfolio
10,000

underlying companies

Our locations

110+

investment professionals
14

Offices around the world

The world leader in secondary markets

Ardian pioneered the secondary market for fund investments. We use our unrivalled proprietary database to execute the largest and most complex transactions, buying portfolios of interests in private equity and infrastructure funds typically valued at $1bn-plus. We buy from institutional investors that are seeking to crystallize returns through early access to their capital or to manage their private equity exposure dynamically. Our ability to provide an exit for these investors has brought much-needed liquidity to private asset classes that have historically been considered illiquid.

Primary access to the most sought-after funds worldwide

We source and select primary commitments for our investors to the most attractive funds across regions and strategies. The best managers often have limited capacity in their funds. Gaining access requires established relationships and preferential positioning, both of which Ardian has built throughout its two decades of Secondaries & Primaries activities. Disciplined manager selection is also key: Ardian’s leading investment database allows the Secondaries & Primaries team to perform uniquely in-depth due diligence. Primary commitments are offered mainly through our Customized Solutions. Thanks to Ardian’s global reach, we are able to build both diversified and focused portfolios precisely matching the client’s needs.

Unique opportunities through early secondary deals

Ardian also has a dedicated strategy offering Early Secondary investments into less mature portfolios. This strategy purchases stakes in Private Equity portfolios that are between 15%-50% funded, offering a unique risk-return profile.

Reshaping the market in private assets

Ardian’s activity in the secondary market accounts for a significant proportion of the total transaction volume. We have invested in more than 1,600 underlying funds. Our presence allows large institutions to actively manage their exposure to private market assets – releasing money early for reinvestment, shifting their exposure between assets or regions, and rationalizing their portfolios to create fewer core relationships with third-party Private Equity managers.

The Team

Ardian Secondaries & Primaries has a team of professionals across Ardian’s offices, with major hubs in London and New York and a local presence throughout Europe, North America and Asia.

The Full Team

"Private Equity is no longer an illiquid asset class. Our leadership in the secondary market has helped change the way big institutional investors manage their entire private portfolios."

ASF Committee

Mark Benedetti

Executive President, Chairman of the Executive Committee and Co-Head of Secondaries & Primaries

Vladimir Colas

Executive Vice-President, Vice-Chairman of the Executive Committee and Co-Head of Secondaries & Primaries

Jan Philipp Schmitz

Executive Vice-President, Member of the Executive Committee, Head of Investor Relations, Deputy Co-Head of Secondaries & Primaries

Marie-Victoire Rozé

Deputy Co-Head of Secondaries & Primaries, Senior Managing Director and Member of the ASF Management Committee

Bertrand Chevalier

Senior Managing Director and Member of the ASF Management Committee

Case studies

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Portfolio Rationalisation – Project Ship II
- Seller type
  
  UK Pension Fund
- Portfolio
  
  8 Buyout LP Interests
See more
Direct Portfolio – Project Walter
- Seller type
  
  U.S. Financial Institution
- Portfolio
  
  30 Direct Assets + 2 Buyout LP Interests
See more
Complex Corporate Restructuring – Project Cruise
- Seller type
  
  Sovereign Wealth Fund
- Portfolio
  
  14 Buyout & Growth LP Interests and 14 Co-Investments
See more

View all

All News & Insights

Sara Huang, Managing Director: A career built on inspiration and commitment at Ardian

Sara Huang joined Ardian in 2010. Now at the helm of the Secondaries & Primaries team in Ardian's New York office, she brings her skills and...

Secondaries & Primaries Inside Ardian

Meet Christopher, Analyst within the Secondaries & Primaries team at Ardian in London

Talent, Secondaries & Primaries Inside Ardian

Ardian's Grace Lloyd career testimony from Bi4 to Private Equity

Career path - 1 minute to consider going from Big4 to Private Equity

Secondaries & Primaries, Talent Inside Ardian

Ardian confirms secondary market leadership with $19bn fund

New fund positions Ardian to respond to increased deal flow as the market recovers from the Covid-19 pandemic

Secondaries & Primaries Inside Ardian

All News & Insights

Secondaries Firm of the Year in EMEA 2024

In March 2025, the Secondaries team at Ardian was honored with the “Secondaries Firm of the Year in EMEA” by the Secondaries Investor Awards 2024.

March 2025

European Private Markets Fund Manager of the Year 2024

In November 2024, Ardian has won the “European Private Markets Fund Manager of the Year 2024” (AuM of more than €100bn) at the Funds Europe Awards 2024 in London.

November 2024

Publications

Ardian Corporate Brochure

2025

Read the brochure

Ardian 2023 Integrated Report

2024

Read the report

Funds of Funds Sustainability Brochure

2020