Ardian is preparing to launch its next flagship secondaries fund after raising a record $30 billion for its prior vehicle, according to people familiar with the matter.
The Paris-based private investment firm has begun holding informal discussions with investors and is expected to formally market the fund later this year or in early 2027, the people said. The new vehicle is expected to be similar in size to Ardian’s previous fund, much of which has already been deployed or committed.
Ardian’s secondaries platform acquires stakes in private equity portfolios and continuation vehicles, an area that has seen rapid growth as sponsors and investors seek liquidity in a slower dealmaking environment.
The firm’s investors include major public pension funds such as CalPERS, CalSTRS and the Florida State Board of Administration. Ardian’s ninth secondaries fund generated a 27% internal rate of return through June 2025, according to public pension disclosures.
The fundraising effort comes amid record activity in the secondaries market. Global secondary transaction volumes climbed 48% last year to $240 billion, according to Jefferies, driven by growing demand for liquidity solutions and continuation fund transactions.
Source: Bloomberg.