Ardian today announced that it has raised €3.2 billion (around $3.3 billion) for its sixth expansion fund, reaching 10% above its initial hard cap.
Ardian Expansion Fund VI is 60% bigger than its predecessor AEF V, which was closed on €2 billion in 2020.
AEF VI invests in mid-sized high-growth companies across major Western European countries in four key sectors—IT and technologies, business services, healthcare and value-added industrials—writing checks from €50 million to €300 million. It is already 33% deployed across eight transactions.
The strategy’s recent acquisitions include a minority stake in Sicer, an Italian specialty chemical maker, and a majority stake in Vecos, a Netherland-based smart locker maker.
The Paris-based firm, which manages $176 billion, currently has $7 billion of assets managed or advised under the expansion vertical, according to its website.
Nearly half of the capital collected in AEF VI came from approximately 80 returning LPs, who increased their commitments by an average of 13%.
Appetite from private wealth investors is also on the rise. They now represent a quarter of AEF VI’s LP base, up from 16% for AEF V.
This is Ardian’s second significant fund close in a week following its record-breaking $30 billion secondaries fund ASF IX. Private wealth clients also grew significantly to 22% of the total equity raised for the secondaries fund.
European middle-market PE fundraising—vehicles between €100 million and €5 billion—has been declining since reaching a peak in 2021, due to the higher-for-longer interest rate environment and decrease in distributions caused by the muted exit market.
The trend could reverse in 2025 supported by a recovery in deal activity, the expectation of monetary easing policies and favorable economic conditions, according to PitchBook’s 2025 EMEA Private Capital Outlook.
Featured image by Alexander Spatari/Getty Images
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