Ardian last month closed one of the largest private equity programmes ever with its $19 billion haul for ASF VIII.
Secondaries Investor data and UK regulatory filings shed light on the identities of Ardian’s investors and what has changed since the $14 billion ASF VII secondaries programme held its final close in 2016.
Caisse de dépôt et placement du Québec, Ohio Public Employees Retirement System and New York City Employees’ Retirement System are among the limited partners to commit co-investment capital to ASF VIII, having also co-invested alongside the 2015-vintage ASF VII, according to UK public filings.
The California State Teachers’ Retirement System is a first-time Ardian co-investor, committing $250 million in addition to a $500 million blind pool cheque, according to the pension’s website. CalSTRS’ first commitment to an Ardian secondaries fund was $250 million to ASF VII.
Chile’s AFP Habitat, the largest public pension in Latin America by assets under management, is a first-time investor, as is Peru’s largest public pension fund AFP Integra, according to UK public filings.
“Secondaries are perfect for the portfolio [of AFPs] – frequent cashflows, a less volatile performance and they allow them to deploy large amounts of money,” an alternatives director at a large Chilean pension fund told Private Equity International in December.
Long-time Ardian investor Florida Retirement System Trust Fund, which committed $200 million, Tennessee Consolidated Retirement System ($150 million) and State of Michigan Retirement Systems ($150 million) are among the US public pension funds to back ASF VIII. The California Public Employees’ Retirement System made its first commitment to an Ardian secondaries fund with a $300 million cheque.
Among the Asian public pensions to invest in ASF VIII is the 140 billion Malaysian ringgit ($32.9 billion; €29.3 billion) Kumpulan Wang Persaraan, which invests on behalf of Malaysia’s public employees, and Korea Post Savings Bureau, which represents South Korea’s postal workers, according to UK filings.
Among the corporate schemes to invest are Bell Atlantic Master Trust, which invests on behalf of the employees of telecoms company Verizon, and the pension fund of the AARP, an interest group that represents older Americans, according to UK filings.
A number of large Asian insurers are invested in ASF VIII, including Taiwan’s Cathay Life Insurance and Fubon Life Insurance, which committed $50 million and $80 million respectively, according to Secondaries Investor data. LINA Life Insurance Company of Korea and Hong Kong-headquartered Hang Seng Insurance Company are also investors, according to UK filings.
Foundations and endowments
ASF VIII enjoys support from foundations and endowments including the University of Houston System, which committed $7.5 million, according to Secondaries Investor data.
Foundations include the Rothschild Foundation, which supports the arts and heritage in the UK, the Fondation Lucie et André Chagnon, a C$1.9 billion ($1.4 billion; €1.2 billion) Canada-headquartered non-profit focused on combating poverty, and civil-rights-focused Morton K and J Blaustein Foundation.