Paris-based Ardian has raised €1.1 billion for its fourth co-investment fund, the firm said.
Ardian Co-investment IV has received commitments from more than 50 investors globally, of which more than half were new to Ardian. They included insurance companies, pension funds and more than 30 family offices, the firm said.
“The high number of family offices investing in this fund confirms the growing demand for co-investment,” said Ardian’s head of co-investment Alexandre Motte in a statement. “Our investors value the direct exposure to private companies all over the world in various sectors alongside high-quality majority shareholders. As in our previous generations, we will continue our strategy of leveraging Ardian’s network, as well as its strong presence in the US.”
The fund is larger than Ardian’s previous co-investment vehicle, which raised €730 million in 2007, and is split into dollar and euro pools of capital “so that investors are able to choose their exposure to the US and European markets,” the firm said.
“The team will continue its strategy of taking minority positions in private equity deals across the world, with the possibility of being more active through board representation for some transactions, notably in Europe,” Ardian said.
The fund is already a third invested through 11 transactions, which this year in the US included pet product retailer PetSmart, healthcare company CMG, rechargeable power system manufacturer ICCNexergy, and Air Medical Group, and in Europe, packaging manufacturer SIG.
Ardian’s co-investment team is comprised of 11 professionals who operate globally and look for opportunities where only a small number of co-investors are involved, it said.
Since 2005, when it began its co-investment programme, Ardian has co-invested in more than 50 companies.
In October, the firm set up a new office in San Francisco, its second in the US after New York and its twelfth globally, as reported by Private Equity International. The firm is currently marketing its seventh secondaries fund targeting €9 billion, according to PEI’s Research & Analytics.