Ardian is packaging a portfolio of secondaries fund stakes into around $1bn of debt through a collateralised fund obligation, as private markets firms continue to seek new sources of liquidity, according to a report by Bloomberg.
The Paris-based alternative investment manager, which manages around $200bn and is one of the largest investors in secondaries. The market for CFO issuance could exceed $30bn this year, up 50% from 2025, according to executives at Evercore.
The transaction comes as priv...
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