Investment fund Ardian has raised a its fourth co-investment fund with €1.1 billion ($1.17 billion).
The fund has attracted investors from insurance companies, pension funds and more than 30 family offices. For the previous co-investment fund, closed in 2007, Ardian raised $777 million.
“The high number of family offices investing in this fund confirms the growing demand for co-investment,” says Ardian’s head of co-investment Alexandre Motte. “Our investors value the direct exposure to private companies all over the world in various sectors alongside high-quality majority shareholders.” The fund is split into U.S. and European pools to seeks deals worldwide and across a number of sectors.
Ardian’s latest fund is one-third invested through 11 companies including physician services provider CMG, medical transportation company Air Medical Group, and pet retailer Petsmart Inc. (Nasdaq: PETM). The firm, based in Paris, France, is led by Dominique Senequier who is also on Hermes International SCA’s (EPA:RMS) board. In September, Ardian raised a $2.25 billion debt fund.
For more on private equity interest in co-investments, see 4 Issues Re-Shaping the Relationship Between LPs and GPs.