Ardian closes latest credit fund at €5bn

The fund was raised in just 12 months due to demand from existing investors and will invest alongside managed accounts.

Global credit investor Ardian has raised €5 billion for its latest credit fund, well ahead of its initial €4 billion target.

The fund, Ardian Private Debt V, was raised over 12 months and is 70 percent larger than its predecessor, which closed on €3 billion in 2020.

Ardian said it received commitments from a diverse global LP base. It reported a strong re-up rate from existing investors and added 34 new investors for a total of 130 LPs in the fund. LPs were drawn from across 19 countries in Europe, Asia and North America and were predominantly insurance companies and pension funds, but include endowments, foundations, government agencies and high-net-worth individuals. In addition, Ardian has separately managed accounts that will invest alongside the commingled fund.

The vehicle will continue its predecessor’s investment strategy of backing mid-market companies with visible demand drivers and resilience through economic cycles. Ardian will seek a high degree of control in its deals.

Mark Brenke, head of Ardian Private Credit, said: “Our long track record of investing through multiple market cycles, including in previous downturns, and delivering consistently strong returns has helped us close this landmark platform in less than a year. The fund was raised in just 12 months due to demand from existing investors and will invest alongside managed accounts.

“In the current environment, the strength of our offer, ongoing bank retrenchment and the resilience of the asset class continues to create opportunities and drive investor demand for exposure to private credit.”

The fund is classified as Article 8 under the European Commission’s Sustainable Finance Disclosures Regulation, meaning it will feature ESG analysis of target companies within its investment process.