France’s Ardian has raised $19 bln to buy stakes in other buyout funds. Secondary investing did well after the last crisis and is booming as conventional fundraising slows. But current hangers-on could face diminishing returns, writes LiamWardProud
French private equity group Ardian on June 2 said it had secured $19 billion worth of commitments for a new vehicle that will buy stakes in buyout funds on the secondary market. That figure includes $5 billion worth of “co-investment interests”, which give Ardian’s investors the chance to put money into opportunities without paying hefty fees.
Vincent Gombault, who runs the division of Ardian that invests in other private equity funds, said: “In the current environment, the secondaries market has a crucial role to play in providing institutional investors with liquidity.” U.S. rival Lexington Partners on Jan. 15 said it had closed a $14 billion fund that would focus on secondary-market deals.
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