Ardian closes fourth private debt fund on €3bn

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

The platform's offering has been broadened to include stretched senior debt to capture more of the buyout market and compete more effectively against bank lenders, according to a statement by Ardian.

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.

Investors
The platform attracted 90 investors from 15 different countries across Europe, Asia and North America. Insurance companies, pension funds, banks, endowments, foundations and government agencies are invested in the fund.

Investments
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.

People
Ardian – Mark Brenke (head of Ardian Private Debt, managing director).

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