Ardian collects $10bn for ASF VII

The fund of funds manager has ceased formal fundraising for the vehicle and is expecting to hold a final close in March.

Ardian has collected as much as $10 billion for its latest secondaries vehicle after just nine months of fundraising, Secondaries Investor has learned.

The Paris-headquartered fund of funds has stopped formal fundraising for its ASF VII vehicle and expects to hold a final close in March, according to a source familiar with the fundraising. ASF VII launched last May and was targeting $9 billion, as sister publication Private Equity International reported.

Private Equity News first wrote about the matter.

The fund will focus on acquiring traditional secondaries, which includes portfolios larger than $500 million, according to an investment report from the California State Teachers’ Retirement System (CalSTRS), which said it had committed $250 million to the fund in its fourth quarterly report.

Other limited partners in the fund include the Pennsylvania State Employees’ Retirement System (SERS), Ohio PERS and Caisse de dépôt et placement du Québec, according to PEI Research & Analytics.

Ardian declined to comment.