Goldman Sachs Asset Management and Ardian have acquired a $1bn US private equity portfolio from China Investment Corp, according to sources cited by Bloomberg.

The firms emerged as winning bidders late last year, with Ardian securing assets at a double-digit discount and Goldman at a single-digit discount, reflecting varied pricing across underlying fund stakes, according to the sources.

CIC, which had previously built significant exposure to alternative assets, is now rebalancing its portfolio away from illiquid US dollar-denominated holdings. As of 2024, 48.5% of its assets were allocated to alternatives, with 62.5% of its global portfolio managed externally, according to Bloomberg data.

CIC initially explored offloading positions in funds managed by leading private equity firms including Carlyle, KKR, and TPG, before pausing the process and later resuming discussions with buyers.

For Goldman and Ardian, the deal reinforces their scale and positioning within the secondaries market. 

Ardian, one of the most active buyers globally, recently raised a record $30bn secondary fund, while Goldman Sachs Asset Management has completed more than 750 secondary transactions, deploying over $80bn in capital.

In addition, the transaction reflects broader market dynamics. Institutional investors, including Harvard University and several Asian asset managers, are increasingly using the secondaries market to generate liquidity and rebalance portfolios amid concerns over prolonged illiquidity and concentration risk.

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