One week after announced it raised $10 billion during its latest fundraising cycle, Paris private equity firm Ardian is buying a $1.3 billion portfolio of limited partnership interests in private equity funds from GE Capital.
The firm was founded in 1996 by CEO Dominique Senequier, who currently serves as vice president of the supervisory board of luxury brand Hermes International.
The fund consists of limited partnership interests in primarily U.S. buyout funds.
The transaction is part of Ardian's strategy for its secondary funds, which aim to provide liquidity to institutions looking to monetize private equity investments. The firm has picked up similar portfolios before, buying a $1.9 billion portfolio of private equity fund interest from Bank of America Corp. (NYSE: BAC) in April 2010, and a $1.7 billion portfolio of interest from Citigroup (NYSE: C) in June 2011. The deal comes as an effort by Norwalk, Conn.-based GE Capital to reduce non-core assets.
Earlier in April, Ardian, formerly Axa Private Equity, raised $10 billion. Of those funds, $9 billion is part of a sixth generation secondary platform, ASF VI, the largest secondaries fund every raised. The other $1 billion is in primary commitments. Also in April, Ardian closed a $690 million private equity fund that will focus on investing in Europe.