Ardian closes fourth co-investment fund on €1.1bn

According to an unquote" source, fundraising for Ardian Co-Investment IV kicked off with a first close in December 2014. This was followed by a number of interim closes in 2015.

The fund is the fourth within Ardian's co-investment programme, which launched in 2005 and has since backed 50 companies. The €1.1bn fund size represents a step up from its predecessor, a 2007-vintage vehicle that closed on €730m.

The close comes two months after the GP raised a €2bn vehicle for its debt-focused arm. The announcement took place days after the firm launched a real estate investment scheme, their fifth remit alongside direct investments, private debt, funds-of-funds and infrastructure.

Investors
The LP base of Ardian Co-Investment IV comprises 50 backers, 30 of which are new investors for the GP. The group features insurers, pension funds and more than 30 family offices.

According to the GP, the LPs were offered the possibility to commit to a dollar- or euro-based capital pool based on their preference.

Investments
A typical equity ticket has not yet been disclosed for Ardian Co-Investment IV, but the GP's earlier dedicated funds deployed an average of €10-50m per deal.

The sector-agnostic vehicle will target companies within the large- and mid-cap spaces; minority stakes will be secured in the businesses alongside other private equity houses.

The fund's capital will be split almost equally between the European and the US market.

According to the GP, the fund has already deployed a third of its capital via five transactions. Four of those – CMG, ICCNexergy, Air Medical Group and PetSmart – involved North American companies, while a fifth featured Swiss packaging manufacturer SIG.

People
The fund will be managed by Ardian's 11-strong co-investment team, led by co-investment head Alexandre Motte.

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• Topics
• France
• Funds
• France
• Ardian (formerly Axa PE)
• Co-investments