Ardian closes Expansion Fund IV on €1bn

The new fund, which was raised in less than nine months, is twice the size of Expansion Fund III, closed on €500m in April 2014. It is Ardian's largest expansion fund to date.

The fund closed ahead of its original €650m, and saw its hard-cap raised twice, the GP said in a statement.

Over the last 16 months, Ardian's 19-strong expansion team has completed five acquisitions and five exits, as well as 15 build-up transactions.

Ardian has been particularly active on the fundraising front in recent months: in April, it closed a new $14bn fund, ASF VII, with $10.8bn dedicated to secondaries and $3.2bn to primary investments. That vehicle also closed after two years of fundraising.

In January, Ardian closed its latest infrastructure fund, Ardian Infrastructure Fund IV, on €2.65bn. The vehicle is the largest infrastructure fund ever raised in Europe.

Investors
Expansion Fund IV has attracted a varied pool of investors based mainly across Europe and Canada. Insurance companies and pension funds make up the majority of the fund's commitments, but commitments made by high-net-worth individuals doubled in size compared to Fund III, according to Ardian. Several former CEOs of Ardian portfolio companies also contributed, the GP said.

Investments
Expansion Fund IV will primarily target small and lower-mid-cap companies located in France, Germany, Italy, Belgium and Austria. The team will also begin to make inroads into the Spanish market, the GP said, following the opening of Ardian's Madrid office in 2015. Other regions might include Belgium and Austria.

With investment tickets around €50-60m and an initial investment capacity of up to €100m, the team will focus on growth capital and buyout transactions through majority and minority investments in companies valued at up to €225m. The team expects to make around 20 investments via the fund.

People
Ardian – Dominique Gaillard (head of direct funds).

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• Topics
• Funds
• France
• Buyout
• France
• Ardian (formerly Axa PE)