NEW YORK Oct 13 French private equity firm
Ardian is set to raise a $500 million fund as it jointly
launches a North American direct investment business on
Thursday, a source familiar with the matter said.
The $500 million fund would finance investments made by a
new buyout arm, said the source who declined to be named as the
person is not authorised to speak publicly on the matter.
Ardian, which manages about $60 billion, is partnering with
New York-based private equity firm Seven Mile Capital Partners
to start a buyout arm focusing on mid-sized industrial deals and
other related businesses, the two companies said in a statement.
Ardian did not disclose how it plans to finance the buyout
arm and declined to comment on fund-raising plans and the $500
Fundraising activity in the buyout business has grown more
competitive as increasingly discerning investors turn their cash
over to a smaller pool of better-performing private equity
Investors funnelled $101 billion into 180 buyout funds in
the second quarter this year, down from a peak of 334 funds in
the fourth quarter of 2013, figures from private equity data
provider Preqin showed.
(Reporting by Koh Gui Qing; Editing by Lisa Shumaker)