Ardian raises €4.5bn for mid-cap fund

The team of Ardian Mid Cap Buyout, which manages the new fund, has grown from 25 to 36 people over the last three years. It runs local offices in France, Germany, Italy, the UK and Spain.

The fund's predecessor, Ardian LBO Fund V, closed on €2.41bn in October 2013.

The announcement follows the closing of Ardian Expansion Fund IV, which reached its €1bn hard-cap in June this year. In April, the firm finalised fundraising for ASF VII, a $14bn vehicle dedicated to secondaries and primary fund investments.

Investors
Around two thirds of LBO Fund V investors re-invested, committing 112% of the amount raised in the previous generation.

The LP base comprises institutional investors, pension funds and sovereign wealth funds.

Of the investors, 42% are from Europe, 20% from Asia, 19% from North America, 14% from the Middle East, and 5% from South America.

Investments
The vehicle targets European companies with an enterprise value between €175m and €1.5bn. The vast majority (85%) of the fund will be invested in the GP's core markets of France, Italy and Germany, as well as Benelux, Austria and Switzerland. The investment team will also seek opportunities in the UK and Spain.

Two investments have already been made through the new fund: in May, Ardian acquired Hypred, a feed hygiene business from Roullier Group; and in July, the GP acquired a 60% stake in Florence-based software developer Dedalus. 

People
Ardian – Philippe Poletti (member of executive committee, head of mid-cap buyout team).

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• Ardian (formerly Axa PE)