Ardian fund performance revealed

The firm's 1999- and 2004-vintage funds are its best-performing, according to documents seen by Secondaries Investor.

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.

Fund name

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

Source: Ardian