Ardian may step back from certain software-related private credit investments as artificial intelligence reshapes business models and credit risk, according to a Bloomberg interview with the firm’s deputy head of private credit, Guillaume Chinardet.
Chinardet said AI-related disruption is now a clear part of the firm’s risk analysis and could lead the firm to decline opportunities in some software sub-sectors, even as it remains active in the space. He cautioned against “overreacting”, noting that companies with the capital and capability to invest in AI may ultimately improve efficiency and profitability.
The comments come amid heightened scrutiny of software exposure across private markets, following recent share price declines among alternative asset managers including Blue Owl, Ares, and Apollo, as investors reassess AI-driven disruption risks.
Private credit represents around 10% of Ardian’s roughly $200bn in assets under management, primarily through direct lending.
Chinardet said the firm has not seen redemption requests from institutional investors and stressed that each investment decision remains grounded in cashflow resilience and sector fundamentals, adding that margin compression in the mid-market has been partly offset by lower opening leverage.
