Ardian‘s 1999- and 2004-vintage secondaries funds have been its best performing vehicles focused on the strategy, documents seen by Secondaries Investor reveal.
Debut secondaries fund ASF I, which raised $220 million, had a 42 percent net internal rate of return and a 2.06x net multiple as of March 2017, according to the document produced by the firm for investors. It carried out 19 transactions and was 99 percent committed as of June the same year.
The $1.04 billion ASF III delivered a net IRR of 48 percent and a 1.83x net multiple as of March 2017, driven by 16 transactions. It was 84 percent committed as of June 2017, the papers reveal.
The Paris-headquartered firm’s latest fund, the 2015-vintage ASF VII, had a 23 percent net IRR and 1.23x multiple as of March 2017, the documents show. ASF VII closed in March 2017 on $14 billion including co-investment capital, well above its $9 billion target, according to PEI data.
ASF VII was 34 percent committed as of June 2017 across nine deals, including the $2.5 billion stapled secondaries deal with Mubadala Capital, an arm of Abu Dhabi’s state fund Mubadala, the largest deal of its kind.
Ardian’s worst-performing secondaries fund is its 2006-vintage, $2.85 billion ASF IV fund, which delivered a 10 percent net IRR and a 1.49x net multiple as of March 2014.
The remaining assets of funds I, II, III and IV have been sold, with the most recent – ASF IV – sold in March.
Ardian did not wish to comment.
|Vintage||Size (of secondaries pool $)||Number of transactions||% committed as of June||Net multiple||
Net IRR (%)
|ASF I||1999||220 m||19||99||2.06x||42|
|ASF II||2001||480 m||20||93||1.69x||24|
|ASF III||2004||1.04 bn||16||84||1.83x||48|
|ASF IV||2006||2.85 bn||12||95||1.49x||10|
|ASF V||2011||5.08 bn||28||97||1.67x||18|
|ASF VI||2014||6 bn||24||92||1.33x||16|
|ASF VI Infrastructure||2014||525 m||7||89||1.59x||39|
|ASF VII||2015||7.50 bn||9||34||1.23x||23|
|ASF VII Infrastructure||2016||1.65 bn||1||14||N/A||N/A|