Ardian picks up Altamar FoF portfolio

Ardian has picked up a chunk of Altamar Capital Partners‘ fund of funds portfolio, Secondaries Investor has learned.

The Madrid-headquartered firm divested whole or part stakes in the assets that comprise the Altamar Buyout Global II and Altamar Buyout Global III fund of funds vehicles, a spokeswoman for the firm confirmed.

Altamar sold the fund stakes because it wanted to “consolidate part of [that] profitability without giving up the whole upside”, the spokeswoman said.

Ardian purchased the interests through its ASF Brighton vehicle, linked to its 2015-vintage, $14 billion ASF VII, according to another source familiar with the deal.

UK regulatory filings show stakes in the deal included:

• 100 percent of an interest in the 2005-vintage, €2.69 billion PAI Partners‘ Europe IV and €2.67 billion, 2008-vintage PAI Europe V
• Two partial stakes in 2006-vintage, €5 billion 3i Europartners V
• Partial stakes in the 2006-vintage, €6.5 billion Fourth Cinven Fund

Altamar Buyout Global II is a 2007-vintage, €186.6 million fund of funds, according to PEI data. Its successor, which launched the same year, raised €233.4 million.

The firm has launched five fund of funds vehicles since then, raising around €1.3 billion in total, according to PEI data. The most recent was the 2014-vintage Altamar Global Private Equity Program VIII, which raised €500 million.

The firm also manages secondaries funds, with the 2016-vintage Altamar Global Secondaries IX in the market seeking €500 million, according to PEI data.

Market sources expect funds of funds will continue to provide more dealflow this year as vehicles raised around one decade ago come to the ends of their lives. Examples so far this year of fund of funds deals include LGT Capital Partners‘ liquidation of a portfolio of tail-end assets to a vehicle owned by Deutsche Asset Management.

Ardian, 3i and Cinven declined to comment. PAI did not return a request for comment.