Ardian has raised €4 billion for its Ardian LBO Fund VI, with an additional €500 million for co-investment opportunities. The firm will use the capital to invest in European companies with enterprise values of up to €1.5 billion, focusing geographically in Germany, France, Spain and the Benelux region.
The news continues a fundraising spree for the Paris-based investor. In June, Ardian closed a separate €1 billion vehicle for growth investment. Last November, Ardian closed yet another fund on €1.1 billion for co-investment opportunities.
The previous vehicle in the firm’s mid-cap series, meanwhile, closed on €2.81 billion in the second half of 2013. As of the end of 1Q, Ardian had invested just about 80% of that capital, according to the PitchBook Platform. In the process, the fund has logged a 4% IRR, which currently ranks in the bottom quartile of its benchmark at this early juncture.