Ardian has raised at least half the target of its fifth co-investment fund, for which it is seeking €800 million, Private Equity International has learned.
Ardian Co-investment V – which will target co-investment opportunities in Europe and the US – had secured €447.5 million of commitments as of 10 May, according to an Ardian document seen by PEI. The firm raised €1.1 billion for Ardian Co-investment IV, a 2015-vintage that received commitments from more than 50 investors globally, of which more than half were new to Ardian, PEI reported in November 2015.
Fund V is targeting a 17 percent net internal rate of return, the document noted. The document does not list a hard-cap for the vehicle.
Ardian’s co-investment team has invested in 50 companies since 2005. The firm pursues traditional co-investment opportunities of between €20 million and €50 million, in which it does not participate in governance, as well as larger active minority investments alongside investors or another fund.
The Paris-headquartered firm’s co-investment portfolio includes Parkdean Resorts, the UK’s largest holiday park operator, and Allegro, Poland’s largest online marketplace.
The latest fund comes amid strong LP demand for co-investment opportunities, with 42 percent expecting to deploy more capital via the strategy in the next 12 months, according to a September report from advisory firm Rede Partners.
Ardian is also seeking $600 million for its second North American buyout fund, according to PEI data.
The firm declined to comment.