French manager Ardian starts work on IPO

Paris-based private equity investor Ardian has started making preparations for an initial public offering, Bloomberg reported, potentially adding it to a growing list of publicly traded PE firms.

The asset manager, which has around $120 billion in assets under management, is said to be speaking with advisers as it decides when it could feasibly list. Talks are said to be in early stages, and it is not yet confirmed where it will go public.

The proposed listing comes a little over two months after Antin Infrastructure Partners listed in Paris after pricing at the top of its range at a €4.1 billion valuation. UK firm Bridgepoint also went public in July with a blockbuster London debut. Swedish firm EQT and Tikehau, another Paris-based firm, also went public in 2019 and 2017, respectively.

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Among these firms, Ardian would be the largest in terms of AUM. Earlier this year the GP reached a €7.5 billion close on its seventh buyout fund, including €1 billion in co-investment, a more than 60% increase on its predecessor vehicle.

A recent PitchBook analyst note reveals that in the US, where many more PE firms are traded publicly, shares in the largest asset managers have outperformed the S&P 500 over the past year.

Source: Wall Street Journal

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