Ardian acquires $2.1 billion portfolio of LP fund interests from the Canadian pension fund
Canada Pension Plan Investment Board (CPP Investments) has completed the sale of a diversified portfolio of 20 limited partnership (LP) fund interests, primarily in North American and European buyout funds, to Ardian, a private investment firm headquartered in France with assets under management totaling $156 billion.
The portfolio of fund interests comprises commitments made by CPP Investments over a span of about 20 years.
CPP Investments has reportedly gained net proceeds of approximately $2.1 billion from the transaction.
“This transaction was undertaken as part of our active portfolio management activities,” says Suyi Kim, senior managing director and global head of private equity at CPP Investments. “As a systematic buyer and seller in the secondaries market, we see this sale as an attractive opportunity to optimize the construction of our portfolio and to allow us to further support future investments.”
“This latest acquisition comes at a significant time for the industry where many LPs continue to address the denominator effect and are looking for portfolio management opportunities like this to open up capital for future commitments,” says Mark Benedetti, co-head of Ardian US and co-head of secondaries and primaries and member of the ASF management committee at Ardian.
Ardian owns the world's largest Secondaries and Primaries platform, managing or advising more than $89 billion in assets. In the past four years, Ardian has invested over $40 billion in secondary private equity opportunities.
“We have acquired a portfolio of well-diversified North American and European buyout funds led by high-quality GPs who we know well,” says Benedetti.
