Ardian set to acquire S$1.4b of private-equity fund stakes from GIC

LONDON — Ardian, the French alternative asset manager, agreed to buy a portfolio of private-equity fund stakes worth about US$1 billion (S$1.4 billion) from Singapore sovereign wealth fund GIC, people with knowledge of the matter said.

The private-equity firm made a preemptive offer to GIC at a premium to book value to avoid an auction, said the people, who asked not to be identified because the information is private. Paris-based Ardian and GIC both declined to comment.

Ardian has been among the most active purchasers of stakes in private-equity funds. It raised US$9 billion to invest in what are known as secondary deals this year, even as those kinds of transactions become more difficult. Buyout firms are selling more assets, making the stakes more valuable.

The GIC agreement comes weeks after a deal to buy a US$1.5 billion portfolio of fund stakes from the Abu Dhabi Investment Council, a government-controlled fund manager, collapsed following valuation concerns. BLOOMBERG