Ardian is packaging a portfolio of secondaries fund stakes into around $1bn of debt through a collateralised fund obligation, as private markets firms continue to seek new sources of liquidity, according to a report by Bloomberg.
The Paris-based alternative investment manager, which manages around $200bn and is one of the largest investors in secondaries. The market for CFO issuance could exceed $30bn this year, up 50% from 2025, according to executives at Evercore.
The transaction comes as private fund managers look for ways to generate liquidity amid a prolonged slowdown in exits. CFOs have become increasingly popular among secondaries and private credit managers, whose funds typically hold diversified pools of private market assets.
Ardian’s secondaries platform, launched more than 25 years ago, buys stakes in private equity and infrastructure funds from institutional investors seeking early liquidity. The firm raised a record $30bn for its latest secondaries fund last year and is reportedly preparing to launch its next vehicle.
