French private equity firm Ardian has closed a record-breaking secondaries fund at $30 billion with significant contributions from investors in the Asia-Pacific region, according to a statement.
Limited partners (LPs) from the region contributed to slightly over one-fifth of the funds raised, underscoring their growing interest in investing in private markets.
The remainder of its LPs hail from Europe, the Americas, and the Middle East.
More than 465 global investors from pension funds, insurance companies, sovereign wealth funds, financial institutions, as well as high-net-worth individuals made up its LP base for the fund.
Ardian said it also witnessed growth among its private wealth client base, which accounts for 22% of the total equity raised, compared to 11% in its predecessor fund.
The latest fundraising represents a 60% increase from its predecessor, which closed at $19 billion in 2020. Ardian Secondary Fund IX, which is the firm’s ninth in its secondaries strategy, has already deployed half with an average deal size of $2 billion for its LP portfolios, according to the statement.
However, the fundraising did not come without its challenges. Ardian had plans to hit a final close of the fund, which was launched in 2022, in the first quarter of 2024, the firm told DealStreetAsia in a previous interview. Extended fundraising timelines have become the new norm, reflective of a tough capital-raising environment.
“The successful fundraise, which was oversubscribed and closed at its hard cap, highlights the continued and growing appetite for secondaries investments among LPs, as market volatility and the need for liquidity drove deal volumes to record highs in 2024,” the statement said.
