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Ardian (company)

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Ardian
Company typePrivately held company (formerly: Société anonyme à Directoire et Conseil de Surveillance)
IndustryPrivate equity
PredecessorAxa Private Equity
Founded1996; 28 years ago (1996)
FounderDominique Senequier
Headquarters
Paris
,
France
Area served
Europe, North America, Asia
ProductsFunds of funds, direct funds, private debt and infrastructure, real estate, mandates
Total assetsUS$96bn
Number of employees
500
Websitewww.ardian.com

Ardian (formerly Axa Private Equity) is a France-based, independent private equity investment company, founded and managed by Dominique Senequier. It is one of the largest European-headquartered private equity funds.[1] The company was originally set up by Dominique Senequier in 1996 as the AXA Group's private equity division, but later gained independence in 2013, and rebranded itself as Ardian.[2] The name Ardian (ar・di・an) was inspired by an ancient European language in which 'hardjan' mean strength, durability, and boldness.[3] Ardian manages assets worth US$100 billion in Europe, North America and Asia,[4] and has fifteen offices around the world in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Tokyo, Jersey, Luxembourg, Santiago, and Seoul.[5] Ardian offers a range of funds including funds of funds, direct funds, infrastructure, private debt and real estate,[6] and manages a direct portfolio of more than 150 companies, including Vinci Park [fr], Luton Airport and SPIE, and its fund of funds segments owns stakes in over 1500 funds. Ardian's 880 investors include institutional investors, funds of funds, government agencies, sovereign funds, family offices, pension funds and insurance companies).[7][8] Ardian has been ranked one of the largest companies by amount raised in equity by Private Equity International,[9] and was named "Company of the Year" 2013 by the readers of Private Equity International.[10]

History

Originally a subsidiary of Axa, the company operated under the name AXA Private Equity until 2013, when the firm achieved independent status and was renamed to Ardian.

In 1996, Claude Bébéar, founder and former Axa CEO, tasked Dominique Senequier with the creation of a private equity entity at Axa. Based in Paris, Axa Private Equity started off with ten clients and €100 million worth of assets.[11] The first investment took place in 1998 in the GSI Banque company Linedata.[12]

In 1999, the opened offices in London and New York. That same year, it launched its funds of funds investment strategy.[13]

In 2001, the company entered the German market by opening an office in Frankfurt.[14]

In 2005, Ardian opened an office in Singapore and entered the Asian market.[15] The same year, the company launched its Infrastructure investment strategy.

As a result of the 2007 financial crisis, the company postponed all new operations and instead focused on the management of its portfolio, in an effort to shield its companies from the effects of the crisis.

In 2008, Dominique Senequier insisted on distributing a higher percentage of the company's capital gains to the employees of the companies in Ardian's portfolio.[16][17]

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.[18][19]

The same year Ardian adopted the Principles for Responsible Investment (PRI) implemented by the UNPRI and published its CSR Charter.[20]

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[21] and a US$900 million portfolio from Natixis.[22]

In 2012, the company opened an office in Beijing in order to invest on the Chinese market.[23]

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.[24]

In 2013, Private Equity International ranked Ardian in the largest private equity firms by PE capital raised[25] and named it Company of the Year 2013 in France.[26]

On 2 September 2015, Ardian opened an office in Madrid, Spain.[27]

On 7 September 2015, Ardian announced the launch of Ardian Real Estate, dedicated to investment in non-residential properties in Europe.[28]

On 7 October 2015, Ardian opened an office in San Francisco, USA.[29]

On 5 December 2017, Ardian opened an office in Tokyo, Japan.[30]

Activities

The company operates on five business segments:[31]

• Funds of funds, which manages approximately $53 billion of assets[32] focusing on primary, early secondary and secondary Funds of Funds.

• Direct funds, which manages approximately $19 billion.

• Infrastructure, which manages approximately $16 billion.

• Private debt, which manages approximately $7 billion.

• Real estate, launched September 2015, manages approximately $1 billion.

Funds of funds

The fund of funds business segment at Ardian was launched in 1998 and now manages $53 billion of assets.[32]

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[33] and GE Capital.[34]

Between 2012 and 2014, Ardian deployed $7 billion into fund of funds transactions.[35]

In 2014, Ardian has deployed more than US$10 billion in secondary transactions.[36]

Direct funds

The direct funds segment at Ardian manages approximately $19 billion of assets.[37] 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 that began in 2005, when large buyout transactions require a strategic partnership).

• Ardian Growth (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).

Infrastructure

The infrastructure segment at Ardian manages approximately $16 billion of assets. It includes investments in water, gas and electricity grids, toll roads and renewable energies.[37]

Ardian's third infrastructure fund closed at €1.75 billion (including co-investments) of which 45% is already invested,[38] notably through the acquisition of Luton Airport,[39] the fourth-largest airport serving Greater London, and of Vinci Park, specialized in construction, financing and operation of car parks in 14 countries around the world.

Ardian's fourth generation of infrastructure fund was closed in January 2016 at €2.65 billion.[40]

Private debt

The private debt segment at Ardian was launched in 2005 and manages approximately $7 billion worth of assets.[37] Ardian has completed eight unitranche lending deals that range from €40 million to €275 million.

Since 2010, Ardian has provided, on average, €500 million financing per year.[41]

In 2014, the private debt team provided €255 million subordinated financing for Ceva Santé Animale,[42] as well as a £40 million unitranche financing facility to EAT.

In September 2015, Ardian closed its third generation of private debt fund of €2 billion.[41]

Real estate

Ardian Real Estate was launched in September 2015 under the management of Bertrand Julien-Laferrière.[43] Its goal is to invest in commercial and non-residential real estate assets in continental Europe, starting with France, Italy and Germany.[44]

Governance and management

Ardian was founded and is managed by Dominique Senequier, who was one of the first seven women admitted to the French Ecole Polytechnique in France in 1972.[45]

Key figures

• $96 billion of assets (managed or advised)[46]

• 150+ companies in the direct funds portfolio

• 500 employees (2018)

• 13 offices (Northern America, Europe and Asia)

• $11 billion raised in 2014

• 85% of the employees are shareholders and hold, together, 52% of the company's capital.

References

  1. ^ "Axa spins off private equity arm as "Ardian"". Reuters. 30 September 2013. Retrieved 12 January 2019.
  2. ^ https://strategist.global/en/entreprises/ardian/
  3. ^ Ardian https://www.ardian.com/house-1
  4. ^ "Ardian and Edmond de Rothschild enter exclusive negotiations to sell the SIACI SAINT HONORE group to its management, with the support of charterhouse". Siaci Saint Honoré. 7 June 2018. Retrieved 12 January 2019.
  5. ^ Ardian, https://www.ardian.com/contacts-offices-38
  6. ^ Bloomberg https://www.bloomberg.com/profile/company/1328269D:FP
  7. ^ "Ardian Raises $9bn to buy bank assets". Financial Times. 23 April 2014.
  8. ^ Ardian. "Creating sustainable value achieving global scale". www.ardian.com. Retrieved 26 July 2019.
  9. ^ "Private Equity International" (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 3 December 2015.
  10. ^ "Private Equity International" (PDF). Archived from the original (PDF) on 6 October 2014. Retrieved 24 October 2014.
  11. ^ "Dominique Senequier Le private équity à la française". Les Echos (in French). 15 October 2010.
  12. ^ "Our history". Linedata. Archived from the original on 12 October 2014. Retrieved 9 October 2014.
  13. ^ "Axa Private Equity funds-of-funds raise $8B - The Deal Pipeline". www.thedeal.com. Archived from the original on 12 December 2015. Retrieved 4 December 2015.
  14. ^ "Axa Private Equity opens Frankfurt office". IPE. 4 October 2001.
  15. ^ "Axa Private Equity plans Asian expansion; office opening and new fund of funds". Alt Assets. 26 May 2005.
  16. ^ "Industry bodies to debate profit-sharing disclosure". Private Equity News. 21 July 2008.[permanent dead link‍]
  17. ^ Senequier, Dominique (29 May 2008). "Vive le LBO pour tous les salariés !". Le Monde (in French).
  18. ^ "Infra funds should adapt to offer co-investment, says Ardian". IJ Global. 1 April 2014.
  19. ^ "Risk, return, and cashflow characteristics of private equity investments in infrastructur" (PDF). CAIA.
  20. ^ "Merged Public Transparency Report Ardian 2014" (PDF).[permanent dead link‍]
  21. ^ "BofA Sells $1.9 Billion in Assets to Axa P.E." The New York Times. 22 April 2010.
  22. ^ "Private Equity Secondary Market Heats Up". Think Advisor. 27 April 2014.
  23. ^ "Axa Private Equity opens Beijing office". Private Equity Wire. 6 November 2012.
  24. ^ "Axa Private Equity becomes Ardian after spin-out". Alt Assets. 30 September 2013.
  25. ^ "Les plus importants fonds d'investissement du monde". Le Journal du Net (in French). 30 June 2014.
  26. ^ "Private Equity International Annual Review" (PDF). 2013. p. 64. Archived from the original (PDF) on 6 October 2014. Retrieved 24 October 2014.
  27. ^ "Ardian Opens Madrid Office".
  28. ^ "Ardiab Launches Real Estate Activity".
  29. ^ "Ardian opens San Francisco office – Private Equity International". www.privateequityinternational.com. Retrieved 4 December 2015.
  30. ^ https://www.t2fifa.or.jp/meibo/nyukaisho20190401.html
  31. ^ "Ardian - Activity Report 2014". www.ardian-investment.com. Retrieved 4 December 2015.
  32. ^ a b Ardian website : Key figures
  33. ^ "Axa Private Equity Buys BofA Portfolio". The Wall Street Journal. 22 April 2010.
  34. ^ "GE Capital to sell $1.3 bln PE portfolio to Ardian". PE HUB. 29 April 2014.
  35. ^ Reuters (23 April 2014). "Private equity firm Ardian raises largest ever fund of funds". PE HUB. {{cite web}}: |author= has generic name (help)
  36. ^ "PE HUB | Ardian spent more than $10.8 bln on secondaries last year". www.pehub.com. Retrieved 4 December 2015.
  37. ^ a b c "Ardian - Activity Report 2014". www.ardian-investment.com. Retrieved 4 December 2015.
  38. ^ "Ardian appoints Gewolker as director". Private Equity Wire. 10 April 2014.
  39. ^ "Axa Private Equity: why we bought Luton Airport". Financial News. 1 August 2013.
  40. ^ "Ardian closes fourth infrastructure fund on €2.65bn | AltAssets Private Equity News". www.altassets.net. Retrieved 15 February 2016.
  41. ^ a b "Ardian secures 2.25b for european focused private debt fund".
  42. ^ "ARDIAN investit 255 M€ en financement subordonné pour CEVA SANTE ANIMALE". Fusacq Buzz. 18 July 2014.
  43. ^ "Ardian names real estate chief".
  44. ^ "Ardian launches real estate arm".
  45. ^ "Axa's private equity powerhouse". Financial Times. 29 September 2013.
  46. ^ "Key figures". Ardian.

See also

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