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|Privately held company|
|Predecessor||AXA Private Equity|
|Founded||Paris, France (1996) -->|
Number of locations
|Beijing, Frankfurt, Jersey, London, Luxembourg, Milan, New York, Paris, Singapore, Zurich|
|Europe, North America, Asia|
|Dominique Senequier, Vincent Gombault, Dominique Gaillard, Benoît Verbrugghe|
|Products||Funds of funds, direct funds, private debt and infrastructure|
Number of employees
The company operates on four business segments: Funds of Funds, Direct Funds, Infrastructure and Private Debt. Ardian raises money from about 346 investors from various domains (institutional investors, Funds of Funds, government agencies, sovereign funds, family offices, pension funds and insurance companies).
- 1 History
- 2 Activities
- 3 Governance and management
- 4 Key figures
- 5 Significant Transactions Completed by Ardian
- 6 References
- 7 See also
Originally a subsidiary of AXA, the company operated under the name AXA Private Equity. It wasn't until 2013, when the firm moved to an independent status, that it changed its name to Ardian.
In 1996, Claude Bébéar, founder and former AXA CEO, asked Dominique Senequier to create a private equity entity at AXA. Based in Paris, AXA Private Equity began with 10 clients and 100 million euros of assets. The first investment took place in 1998 in the GSI Banque company Linedata.
In 1999, the company went international, opening offices in London and New York. The same year, it launched the Funds of Funds investment strategy.
In 2005, the company opened an office in Singapore and became involved in the Asian market. The same year, AXA Private Equity launched its Infrastructure investment strategy.
In 2009, Ardian acquired 100% of Kallista, a French company specialized in the production of renewable energies. Ardian then invested heavily in transports, energy, water supply and waste management. €2.5 billion were invested in infrastructure systems between 2005 and 2014.
In 2010, during the increased activity in the private equity secondary market, Ardian acquired a US $1.9 billion private equity portfolio from Bank of America and a US $ 900 million portfolio from Natixis.
On 30 September 2013, AXA Private Equity announced that it had completed its spin-off from the AXA Group and renamed the firm Ardian. Per the terms of the deal, AXA Group retained ownership of 23% of the firm, management and employees owned 46%, and the remaining 31% was held by French family offices and institutions. Currently, 85% of employees are shareholders.
The company operates on four business segments:
• Funds of funds, which manages approximately $30 billion of assets focusing on primary, early secondary and secondary Funds of Funds.
• Direct funds, which manages approximately $11 billion.
• Infrastructure, which manages approximately $5 billion.
• Private debt, which manages approximately $4 billion.
Funds of funds
The fund of funds business segment at Ardian was launched in 1998 and has now $30 billion of assets under management.
Funds of Funds include primaries, early secondaries and secondaries. Ardian has completed an important range of transactions in these fields, including the purchase of fund portfolios from Bank of America and GE Capital.
Between 2012 and 2014, Ardian deployed $7 billion into Fund of Funds transactions.
The direct funds segment at Ardian manages approximately $11 billion of assets. It is organized into four activities:
• Mid Cap Buyout (which invests in companies with values ranging from €150 million to €1.5 billion).
• Expansion (which invests in companies valued at less than €150 million).
• Co-Investment (an activity than began in 2005, when large buyout transactions require a strategic partnership).
• Ardian Croissance (which focuses on small and medium businesses — from €2 million to €10 million — that can achieve organic growth and have the potential to expand internationally).
Ardian's third infrastructure fund closed at €1.75 billion including co-investments and is 45% committed, including the acquisition of the London Luton Airport, which is the fourth-largest airport serving the London area, and Vinci Park which specializes in construction, financing and operation of car parks in 14 countries around the world.
The private debt segment, launched in 2005, at Ardian manages approximately $4 billion of assets. Ardian has completed 8 unitranche lending deals that range from €40 million to €275 million.
Governance and management
The management team also includes:
• Vincent Gombault, head of Ardian’s Funds of Funds and Private Debt 
• Dominique Gaillard, head of Ardian's Direct Funds
• Benoît Verbrugghe, head of Ardian USA
• $50 billion of assets (managed or advised)
• 130 companies in the direct funds portfolio
• 340 employees
• 10 offices (Northern America, Europe and Asia)
• $9.3 billion raised in 2013
• 85% of the employees are shareholders and hold, together, 52% of the company's capital.
Significant Transactions Completed by Ardian
Direct Funds, Infrastructure and Private Debt
In 2014, Ardian has more than 130 companies in its current direct portfolio through its different activities.
|Year||Company Name||Activity involved in the transaction||Country||Ref.|
|2014||Schleich||Mid Cap Buyout||Germany|||
|2013||The Flexitallic Group||Private Debt||US|||
|2013||London Luton Airport||Infrastructure||UK|||
|2011||Odiego||Mid Cap Buyout||Spain|||
|2007||Diana Ingredients||Mid Cap Buyout||France|||
|2007||Spotless Group||Mid Cap Buyout||France|||
|2005||Camaïeu||Mid Cap Buyout||France|||
Funds of Funds
In 2014, Ardian Funds of Funds' portfolio has about 900 funds with 10,000 underlying companies.
|Year||Seller||Type of assets||Size of transaction ($m)||Ref.|
|2010||Bank of America||Secondaries||1,900|||
- Reuters : AXA spins off private equity arm as "Ardian", September 30, 2013
- AltAssets, "Ardian celebrates first year of independence by hitting $50bn AUM", October 2, 2014
- Financial Times : Ardian Raises $9bn to buy bank assets, April 23, 2014
- Les Echos : Dominique Senequier Le private équity à la française, October 15, 2010
- Linedata : Our history
- IPE : AXA Private Equity opens Frankfurt office, October 04, 2001
- Alt Assets : AXA Private Equity plans Asian expansion; office opening and new fund of funds, May 26, 2005
- Private Equity News : Industry bodies to debate profit-sharing disclosure, July 21, 2008
- Le Monde : Vive le LBO pour tous les salariés !, par Dominique Senequier, May 29, 2008
- IJ Global : Infra funds should adapt to offer co-investment, says Ardian, April 01, 2014
- CAIA : Risk, return, and cashflow characteristics of private equity investments in infrastructur
- The New York Times : BofA Sells $1.9 Billion in Assets to Axa P.E., April 22, 2010
- Think Advisor : Private Equity Secondary Market Heats Up, April 27, 2014
- Private Equity Wire: AXA Private Equity opens Beijing office, November 06, 2012
- Alt Assets: Axa Private Equity becomes Ardian after spin-out, September 30, 2013
- Le Journal du Net : Les plus importants fonds d'investissement du monde, 30 juin 2014
- Source : Private Equity International Annual Review 2013, page 64
- Annual Activity Report 2013
- Ardian website : Key figures
- The Wall Street Journal : AXA Private Equity Buys BofA Portfolio, April 22, 2010
- PE HUB: GE Capital to sell $1.3 bln PE portfolio to Ardian, April 29, 2014
- PE HUB: Private equity firm Ardian raises largest ever fund of funds: Reuters, April 23, 2014
- Private Equity Wire : Ardian appoints Gewolker as director, April 10, 2014
- Financial News : AXA Private Equity: why we bought Luton Airport, August 01, 2013
- Fusacq Buzz : ARDIAN investit 255 M€ en financement subordonné pour CEVA SANTE ANIMALE, July 18, 2014
- Financial Times, Axa’s private equity powerhouse, September 29, 2013
- Bloomberg Businessweek, Vincent Gombault's profile
- Bloomberg Businessweek, Dominique Gaillard's profile
- Bloomberg Businessweek, Benoît Verbrugghe's profile
- Official website of Ardian, "key figures"
- Reuters : French Ardian buys German toymaker Schleich, May 18, 2014
- Unquote: Deal in Focus: Ardian backs €1.96bn Vinci Park buyout, February 24, 2014
- PE HUB: Ardian supports Bridgeport’s acquisition of The Flexitallic Group, October 20, 2013
- eFinancial News, AXA Private Equity: why we bought Luton Airport, August 1, 2013
- Finance Monthly : AXA Private Equiy acquires a stake in Bulkypix to support the company, May 30, 2012
- Market Watch : AXA Private Equity buys majority of Frostkrone, August 01, 2012
- Ceva : AXA Private Equity soutient le développement de Ceva en structurant un financement additionnel, October 30, 2014
- Caisse de dépôt et placement du Québec : CD&R and its partners AXA Private Equity and Caisse de dépôt et placement du Québec complete SPIE acquisition, May 31, 2011
- L'Agefi : Le voyagiste Odigeo se refinance en attendant son introduction en Bourse, February 11, 2013
- Boursier.com: Capital-Investissement : AXA Private Equity prend 6% de Bravofly, September 21, 2010
- Nutra Ingredients : Diana sale to AXA Private Equity confirmed, June 06, 2007
- Financial Times : AXA puts Spotless up for sale, February 3, 2010
- Unquote, AXA Private equity wins Keolis, November 15, 2006
- L'Usine Nouvelle : Axa Private Equity prend le contrôle de Camaïeu, January 13, 2005
- L'Agefi : SeLoger.com veut asseoir sa place de leader sur internet, October 13, 2006
- Real Deals : Axa Private Equity closes spin-off, March 25,2013
- The Wall Street Journal : Ardian Snags $1.3B Portfolio From GE Capital, April 29, 2014
- OMERS to Sell Fund Commitments to AXA Private Equity, July 3, 2012
- Reuters: Citigroup sells private equity assets to AXA unit, June 08, 2011