Chilean LP transfers stake in Ardian fund – updated

Chilean electrical sustainability group Mediterráneo SA has sold its stake in Ardian's sixth secondaries fund, which closed on about $10bn earlier this year.

Chilean electrical sustainability group Mediterráneo SA has transferred its stake in Ardian’s sixth secondaries fund (ASF VI) to its family office couter part Bancard International Investment,  according to UK regulatory notices.

Mediterráneo initially invested in ASF VI using one of its founding funds, Mediterraneo Fondo de Inversión Privado. Its other founding fund is Radal SA El Fondo de Inversión Privado Los Andes SA.

The stake was transferred internally due to technical reasons, according to a source familiar with the matter.

A spokesperson from Mediterráneo was unavailable to comment by press time.

ASF VI closed on between $9 billion and $10 billion earlier this year and is the largest dedicated secondaries fund ever raised. Limited partners include Michigan State University, the Ohio Public Employees Retirement System and fund of funds manager Swift Capital Partners GmbH.

About half of the fund had been deployed as of September. Deals include the purchase of a $1.3 billion portfolio of LP interests from GE Capital.

The fund was initially expected to be fully invested over a five-year period, at roughly $1.5 billion per year, Ardian managing partner Benoît Verbrugghe, told Secondaries Investor in May.

Ardian declined to comment.


This story has been updated to reflect the fact that Mediteraneo did not sell its stake in ASF VI but transferred it internally.