Ardian closed a record $30 billion for the ninth vintage of its secondaries platform (ASF IX) in 2025, surpassing the $19bn it raised in 2020. The fund hit its hard cap, was oversubscribed and attracted more than 465 investors from 44 countries — with private-wealth clients supplying 22% of equity, up from 11% in the prior vintage. The raise lifts Ardian’s Secondaries & Primaries assets under management to about $97 billion and comes as the firm expands its global footprint, including a new Sydney office.

Record haul and who put up the money - Fund: ASF IX, ninth-generation secondaries platform, closed at $30bn (2025) vs $19bn in 2020 - Demand: oversubscribed, reached hard cap - Investor reach: more than 465 investors from 44 countries - Investor mix: pension funds, insurers, sovereign wealth funds, financial institutions and high-net-worth individuals; private wealth was 22% of equity raised (11% in prior vintage) Scale, data and the deal pipeline Ardian says its Secondaries & Primaries business now manages roughly $97 billion, and the broader firm manages about $200 billion in assets with more than 1,100 staff across 22 offices worldwide. The secondaries team comprises over 100 investment professionals across 14 offices. Ardian highlights a proprietary database covering about 1,600 funds from over 650 general partners and 5.4 million real-time data points on more than 10,000 underlying companies, used to source and price complex secondary portfolios. Why the market supplied such big deals Deal volume in secondaries rose as private-market investors sought liquidity and portfolio rebalancing after a turbulent period. Ardian says market volatility and a changing interest-rate environment pushed many institutional holders toward secondaries. Sellers needing quick, large blocks of liquidity tend to gravitate to a small set of buyers with the capital and operational capability to handle very large, complex transactions — a dynamic that helped drive ASF IX’s oversubscription. Broader firm moves and product expansion In 2025 Ardian also closed $20bn for its Infrastructure platform and became the largest shareholder in Heathrow Airport with a 32.6% stake. The firm launched a private-wealth access platform to broaden investor access to its deal flow and opened new offices, including Hong Kong and Sydney. Those moves expand Ardian’s investor relationships and local origination channels, supporting future secondaries deal flow. Who gains and who’s affected Limited partners needing liquidity — pension funds, insurers and other institutional holders — are the immediate beneficiaries. Sellers of large, complex portfolios benefit from having buyers like Ardian who can execute sizable, bespoke transactions. Smaller buyers face limits on competing for the very largest deals because of the capital and operational scale required.

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Ardian’s Secondaries & Primaries team now has more than 100 investment professionals across 14 offices, and the broader firm manages roughly $200 billion in assets.

This article was created with AI assistance.