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Ardian raises EUR2.8bn to invest in European companies

Ardian, the independent private investment company formerly known as AXA Private Equity, has held a successful closing of its LBO Fund V.

At EUR2.41bn the new fund represents a 51% increase in size from Fund IV with over half committed by previous investors in Fund IV and the welcome introduction of new investors from North America, Asia, Europe and the Middle East. Ardian’s new LBO Fund V will also have the additional co-investment opportunities of up to a further EUR400m.

Some 24% of the new fund has been committed across 6 European mid-market transactions; including 4 investments (in Riemser, a German specialty pharmaceuticals company, in Fives, a French industrial engineering Group, in Lima Corporate, an Italian company specialized in the design, production and distribution of orthopaedic prostheses and in Trescal, a French leader in the testing, inspection and certification market in Europe) and two build-ups for Fives.

Dominique Gaillard, Managing Partner and Head of Direct Funds, Ardian, says: “Our company’s first initiative was in direct investments some 17 years ago. It is good to have a new chapter as an independent investment company, Ardian, with the successful raising of our 5th generation mid-market buyout funds.”

“We look forward to working with our investee companies to help them deliver their business strategies and so fuel their growth and that of the economies in which they trade.”

The make-up of the new Fund’s investor base signals a growing interest in LPs from North America, Asia and the Middle East and large pension funds, together with sovereign wealth funds sit firmly beside more traditional clients.

Philippe Poletti, Head of this activity at Ardian, said: “Our latest fund represents a steady but coherent growth in investment size and targeted enterprise value. We started out in 1997 with a EUR95m fund and have since built experienced investment teams, extended our geographical area and maintained a strong track record of top quartile performance.

“It is great to see significant re-ups from our previous funds and to welcome new investors. It is clear we are broadening our investment appeal around the world. Our portfolio companies across our funds are well distributed over sectors and countries, are conservatively leveraged and have resisted the worst of the economic downturn.”

Ardian’s pan-European team of direct fund investment professionals is comprised of 25 dedicated investment professionals based in offices in France, Germany, Italy and the UK.

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