Ardian buys $1.3bn GE Capital fund portfolio

The portfolio comprises passively held limited partnership interests in mainly US buyout funds. The sale is part of GE's ongoing strategy to reduce non-core assets.

The transaction comes a week after Ardian announced the final close of its sixth-generation fund-of-funds on $10bn, comprising $9bn for its secondaries platform and a further $1bn for primary commitments.

According to Ardian, the deal with GE represents the largest secondary private equity transaction over the last year.

GE initially funded the partnership interests in the portfolio now held by Ardian. The US firm was advised by Evercore on the deal with Ardian.

Previously, Ardian acquired $1.9bn of private equity fund interests from Bank of America in April 2010 and $1.7bn of private equity funds and direct interests from Citigroup in June 2011.

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• Topics
• Secondaries
• Ardian (formerly Axa PE)
• United States
• GE Capital