Ardian nears final close on €3bn for Private Debt Fund IV

The fund is expected to close on around €3bn, a source told Unquote's sister publication Creditflux. 

It was launched towards the end of 2017. The vehicle's predecessor, Ardian Private Debt Fund III, held a final close in 2015 on €2bn, hitting its target.

Ardian declined to comment on the situation. 

Details surrounding Private Debt Fund IV remain confidential. The vehicle's predecessor raised commitments from a variety of institutional investors, including pension funds and insurance companies, around half of which were new LPs.

Ardian Private Debt Fund IV will provide financing for mid-market companies based in western Europe, preferring to support companies with an EBITDA of €10-100m and valued at €100-500m; however, a minority of businesses valued at up to €1bn could be backed. Around 80% of the fund will be invested in first lien debt (stretched senior as well as unitranche debt), while a minority will be allocated in the form of subordinated debt.

Some of the companies the Ardian private debt team has provided financing to in 2018 include Germany-based SER, France-based DLPK, Belgium-based Alpega and Denmark-based IT Relation, according to an Ardian report.  

Mark Brenke has headed Ardian's Private Debt team for the past three years. At the time of the third-generation fund close, Ardian bolstered its private debt operations, hiring six new people for its London- and Paris-based teams.

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