CPP Investments sells 20 LP fund interests to Ardian

Ted Liu

Ardian has acquired a US $2.1 billion portfolio of limited partnership interests in 20 private equity funds from Canada Pension Plan Investment Board (CPP Investments).

The portfolio comprises 20 limited partnership interests, a majority of which are North American but also includes European buyout funds.

No names of the funds were disclosed. Currently, CPP Investments lists its interests in private equity funds managed by the following 47 PE firms

Accel-KKR Advent International
Location: United States Location: Global
Commitment: US$320 million Commitment: US$3.25 billion; €575 million
Date of initial investment: 2015 Date of initial investment: 2001
American Industrial Partners Apollo Management
Location: United States Location: Global
Commitment: US$400 million Commitment: US$3 billion
Date of initial investment: 2015 Date of initial investment: 2002
Apax Partners Ares Management
Location: Global Location: United States
Commitment: US$1.8 billion; €1.1 billion Commitment: US$1.5 billion
Date of initial investment: 2004 Date of initial investment: 2003
Bain Capital BC Partners
Location: Global Location: Europe
Total Investment: €450 million; US$1.1 billion; JPY 6 billion Total investments: €825 million
Date of initial investment: 2014 Date of initial investment: 2011
The Blackstone Group CCMP
Location: Global Location: United States
Commitment: US$6.0 billion Commitment: US$768 million
Date of initial investment: 2001 Date of initial investment: 2002
Charterhouse Capital Partners Cinven
Location: United Kingdom Location: Europe
Commitment: €400 million Commitment: €1.5 billion
Date of initial investment: 2008 Date of initial investment: 2006
Clearlake Capital Group Clayton, Dubiler & Rice, LLC
Location: United States Location: Global
Commitment: US$330 million Commitment: US$725 million
Date of initial investment: 2019 Date of initial investment: 2017
CVC Capital Partners EQT Partners
Location: Global Location: Europe
Total Investments: US$675 million; €3.4 billion Commitment: €850 million
Date of initial investment: 2005 Date of initial investment: 2017
Ford Financial General Atlantic
Location: United States Location: Global
Commitment: US$188 million Commitment: US$100 million
Date of initial investment: 2013 Date of initial investment: 2022
Genstar Capital GTCR
Location: United States Location: United States
Total Investments: US$1.1 billion Total investments: US$300 million
Date of initial investment: 2017 Date of initial investment: 2020
Hellman & Friedman Hg Capital
Location: United States Location: Europe
Total Investments: US$2.8 billion Commitment: US$520 million
Date of initial investment: 2004 Date of initial investment: 2020
Insight Venture Partners Kainos Capital
Location: United States Location: United States
Commitment: US$750 million Commitment: NOT DISCLOSED
Date of initial investment: 2018 Date of initial investment: 2016
Kohlberg Kravis Roberts & Co. Lion Capital
Location: Global Location: United Kingdom
Commitment: US$1.4 billion; €298 million Commitment: €200 million; US$250 million
Date of initial investment: 2004 Date of initial investment: 2010
New Mountain Capital Northleaf Capital Partners
Location: United States Location: Canada
Commitment: US$800 million Commitment: NOT DISCLOSED
Date of initial investment: 2007 Date of initial investment: 2006
Oak Hill Capital Partners Onex Corporation
Location: United States Location: Canada/United States
Commitment: US$375 million Commitment: US$1.35 billion
Date of initial investment: 2018 Date of initial investment: 2003
Permira Advisers Quantum Energy Partners
Location: Europe Location: United States
Total Investments: €1.6 billion; US$75 million Commitment: US$750 million
Date of initial investment: 2006 Date of initial investment: 2008
Riverwood Capital Partners Searchlight Capital Partners
Location: United States Location: Global
Commitment: US$500 million Commitment: US$390 million
Date of initial investment: 2014 Date of initial investment: 2015
Siris Partners Silver Lake Partners
Location: United States Location: United States
Commitment: US$400 million Commitment: US$3.3 billion
Date of initial investment: 2014 Date of initial investment: 2004
Sterling Group STAR Capital Partners
Location: United States Location: Europe
Commitment: US$300 million Commitment: €175 million
Date of initial investment: 2010 Date of initial investment: 2016
Stone Point Capital Summa Equity
Location: United States Location: Europe
Commitment: US$1.4 billion Total Investments: €50 million
Date of initial investment: 2010 Date of investment: 2021
The Carlyle Group Texas Pacific Group
Location: Global Location: Global
Commitment: €475 million; US$850 million Commitment: US$2.7 billion
Date of initial investment: 2015 Date of initial investment: 2003
Thoma Bravo TDR Capital
Location: United States Location: United Kingdom
Commitment: US$1.9 billion Commitment: €325 million
Date of initial investment: 2014 Date of initial investment: 2016
TA Associates Veritas Capital Fund Management
Location: Global Location: United States
Total investments: US$250 million Commitment: US$550 million
Date of initial investment: 2021 Date of initial investment: 2014
Vista Equity Partners
Location: United States
Commitment: US$1.7 billion
Date of initial investment: 2014

Ardian Acquires $2.1 Billion Private Equity Portfolio from CPP Investments

Underscores Ardian’s position as a world leader in secondary buyout funds

NEW YORK, November 7, 2023 – Ardian, a world-leading private investment house, today announced it has acquired a US$2.1 billion portfolio of limited partnership interests in 20 private equity funds from Canada Pension Plan Investment Board (CPP Investments™), a global investment management organization with C$575 billion of assets under management. The portfolio comprises 20 limited partnership interests, a majority of which are North American but also includes European buyout funds.

The deal continues Ardian’s secondary funds strategy to provide active portfolio management solutions to large institutions looking to rebalance their portfolios and monetize their private equity investments. Ardian has the world’s largest Secondaries and Primaries platform with more than $89 billion under management or advisement. Over the last four years, Ardian has deployed more than US$40 billion in secondary private equity investments.

“This latest acquisition comes at a significant time for the industry where many LPs continue to address the denominator effect and are looking for portfolio management opportunities like this to open up capital for future commitments. We have acquired a portfolio of well-diversified North American and European buyout funds led by high-quality GPs who we know well,” said Mark Benedetti, Member of the Executive Committee and Co-head of Ardian US.

ABOUT ARDIAN
Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 17 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.
https://www.ardian.com/

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