Ardian’s USS deal worth $940m

The deal, which Secondaries Investor reported on Monday, included stakes in 13 private equity funds.

Ardian‘s acquisition of a portfolio of private equity stakes from the Universities Superannuation Scheme (USS) was worth around $940 million, according to a statement.

As Secondaries Investor reported on Monday, the fund of funds manager bought the stakes from USS, one of the UK’s biggest pension funds, after the pension brought around $1 billion worth of stakes to market in the second half of last year.

The $940 million figure represents assets and unfunded commitments, according to a separate statement by USS.

The deal included stakes in 13 funds. Five of the funds included Bridgepoint Europe IV, Apax Europe VII, CPE Private Equity, Trilantic Capital Partners IV (Europe) and Bridges Community Development Venture Fund II, according to UK regulatory filings.

The sale is part of USS’s strategy of increasing direct investments and co-investments with a few concentrated general partners.

“The fact that USS has sold an interest in a fund will not preclude it from allocating to the manager of that fund in future,” USS said in the statement.

Ardian has deployed over $26 billion in secondaries since 2010, according to its statement.