Key Takeaways
- • Goldman Sachs Asset Management and Ardian acquired a $1 billion US private equity portfolio from China Investment Corp (CIC) in a secondary market transaction completed in late 2025, with Ardian securing assets at a double-digit discount and Goldman at a single-digit discount.
- • CIC is rebalancing away from illiquid US dollar-denominated alternative assets, which represented 48.5% of its total portfolio as of 2024, signaling a strategic shift by the Chinese sovereign wealth fund toward greater liquidity.
- • The transaction underscores the scale of both acquirers in the secondaries market: Ardian recently raised a record $30 billion secondary fund and manages $192 billion in assets, while Goldman Sachs Asset Management has completed over 750 secondary transactions deploying more than $80 billion in capital.
- • The deal reflects broader institutional demand for secondary market liquidity, as major investors including Harvard University and Asian asset managers increasingly use secondaries to address portfolio concentration risk and prolonged illiquidity concerns.
- • CIC initially explored sales involving stakes in funds managed by leading private equity firms including Carlyle, KKR, and TPG before pausing and subsequently resuming the process with eventual winning bidders.
Summary
Goldman Sachs Asset Management and Ardian have completed the acquisition of a $1 billion US private equity portfolio from China Investment Corp in a secondary market transaction, according to sources cited by Bloomberg. The deal, finalized in late 2025, reflects both the scale of the two acquirers in the secondaries market and a strategic portfolio rebalancing by one of the world's largest sovereign wealth funds.
The pricing structure revealed differentiated valuations across the underlying fund positions. Ardian secured its portion of the assets at a double-digit discount to par value, while Goldman Sachs negotiated a single-digit discount, indicating varied demand and pricing dynamics across individual fund stakes within the broader portfolio. CIC's decision to divest these positions stems from a broader strategic shift away from illiquid US dollar-denominated alternative holdings. As of 2024, alternatives represented 48.5% of CIC's total asset base, with 62.5% of its global portfolio managed externally, underscoring the fund's substantial exposure to illiquid positions.
The transaction highlights the operational capacity and market positioning of both acquirers. Ardian, ranked among the world's largest secondaries buyers, recently achieved a significant capital raise with a record $30 billion secondary fund and currently manages $192 billion in assets. Goldman Sachs Asset Management has demonstrated sustained depth in the space, completing more than 750 secondary transactions and deploying over $80 billion in cumulative capital. The deal reinforces both firms' competitive positioning as institutional capital continues to flow into secondary markets.
Broader market dynamics support continued secondaries activity. Institutional investors—including endowments such as Harvard University and major Asian asset managers—are increasingly utilizing the secondary market to generate liquidity and address portfolio concentration risks amid prolonged challenges in achieving exit timelines from primary commitments. CIC's decision to resume sales following an initial pause, after exploring positions in funds managed by Carlyle, KKR, and TPG, reflects the complex negotiation environment and the eventual alignment of buyer and seller expectations in what remains a dynamic market for LP stakes.
The pricing structure revealed differentiated valuations across the underlying fund positions. Ardian secured its portion of the assets at a double-digit discount to par value, while Goldman Sachs negotiated a single-digit discount, indicating varied demand and pricing dynamics across individual fund stakes within the broader portfolio. CIC's decision to divest these positions stems from a broader strategic shift away from illiquid US dollar-denominated alternative holdings. As of 2024, alternatives represented 48.5% of CIC's total asset base, with 62.5% of its global portfolio managed externally, underscoring the fund's substantial exposure to illiquid positions.
The transaction highlights the operational capacity and market positioning of both acquirers. Ardian, ranked among the world's largest secondaries buyers, recently achieved a significant capital raise with a record $30 billion secondary fund and currently manages $192 billion in assets. Goldman Sachs Asset Management has demonstrated sustained depth in the space, completing more than 750 secondary transactions and deploying over $80 billion in cumulative capital. The deal reinforces both firms' competitive positioning as institutional capital continues to flow into secondary markets.
Broader market dynamics support continued secondaries activity. Institutional investors—including endowments such as Harvard University and major Asian asset managers—are increasingly utilizing the secondary market to generate liquidity and address portfolio concentration risks amid prolonged challenges in achieving exit timelines from primary commitments. CIC's decision to resume sales following an initial pause, after exploring positions in funds managed by Carlyle, KKR, and TPG, reflects the complex negotiation environment and the eventual alignment of buyer and seller expectations in what remains a dynamic market for LP stakes.
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