French group Ardian has amassed more than $20bn to buy stakes in private equity funds from investors, highlighting a corner of finance that is defying the broader slump in fundraising.
The Paris-based company has raised the money for a secondary fund that profits from institutional investors who sometimes have to sell stakes in private equity funds early. Typically, buyout funds lock up investors’ money for more than a decade.
According to people familiar with the matter, Ardian, which manages a total of $150bn, eventually aims to raise $25bn for its secondary fund.
Read the full story on the Financial Times here.