Ardian Inks €300M Secondaries Deal With Unicredit

Jul 28 2017 | 9:36pm ET

Global private equity company Ardian has agreed to acquire an approximately €300 million portfolio of limited partnership interests in European infrastructure private equity funds from Italy-based UniCredit. 

The transaction, which is subject to the approval and rules of the fund manager, is expected to close in the third quarter of this year, according to a statement. Terms were not disclosed, although Ardian described it as one of the largest secondary infrastructure transactions of the year. 

This deal continues Ardian’s secondary funds strategy, which offers liquidity to large institutions looking to rebalance portfolios and monetize private equity investments. The company’s fund of funds team executed some $4.8 billion of secondary, infrastructure secondary and early secondary transactions worldwide last year. 

Ardian raised $14 billion for a dual-purpose secondaries and buyout vehicle in April 2016, allocating $10.8 billion for the company’s seventh-generation secondary fund and $3.2 billion for primary investments. Founded in 1996 and spun out of AXA Investment Managers in 2013, Paris-based Ardian has become a leading player in the secondary market and one of the few capable of buying large portfolio positions from PE investors. 

The company is led by AXA Private Equity founder Dominique Senequier and has $62 billion in assets either managed or advised on behalf of some 580 investors across a wide range of strategies including funds of funds, private debt, buyout funds, infrastructure, real estate and customized mandates.

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