The programme, which includes $5 billion of co-investment interests, significantly exceeds the $14 billion raised for Ardian’s seventh generation platform in 2016.
The fundraise highlights how the secondaries market has matured to become an important source of liquidity for investors, including insurance companies, pension funds and family offices, as they look to re-balance private equity portfolios and seek yield opportunities for savers.
The fund attracted 275 investors from nearly 40 countries across the Americas, Europe, Asia, and the Middle East, illustrating the resilience and continued attractiveness of the asset class. Investors comprise major pension funds, sovereign wealth funds, insurance companies, HNWIs and financial institutions.
Mourant Jersey Managing Partner, Daniel Birtwistle, who led the large Mourant team advising on the project, said “This is a significant milestone in the growth of Ardian’s Fund of Funds platform, highlighting the continued development of the secondaries market and, in the current environment, showcasing how the secondaries market has a crucial role to play in providing institutional investors with liquidity. It’s a vital tool for pension funds and investors in how they allocate investments in private equity.”
Gabby Kellogg, Matt McManus, Roisin Cullinane, Sally Muller and Ellie Wood were amongst the lawyers from Mourant’s leading Jersey funds team, working alongside lead counsel Linklaters to deliver the platform.