Investment activities

Private Debt

Opening up fund-led finance for European mid-caps
Mark Brenke Head of Ardian Private Debt

Mark Brenke
Head of Ardian Private Debt

Ardian Private Debt completed ten transactions in 2018, including the first five in the company’s fourth-generation fund. The team enjoyed strong investment momentum throughout the year as the fund-led market continued to expand and take market share from the banking sector.

Ardian’s multilocal team, based in Paris, London and Frankfurt, concentrates on European mid-cap buyouts, taking advantage of the strong deal flow generated by the local teams as well as Ardian Fund of Funds’ extensive relationships with leading GPs. Although large-cap buyouts have seen a steady shift to cov-lite funding, European mid-cap remains a covenanted market where Ardian enjoys a strong position in the capital structure as sole lender on the deals it signs.

The team has been investing since 2005 and pioneered the use of unitranche facilities in buyout transactions. In our fourth generation fund, the team has expanded its offering to include stretched senior debt, enabling the team to address more of the buyout market and compete more effectively against bank lenders, particularly on more complex transactions.

“We are venturing more and more into territory that used to belong exclusively to the banks.”

2018 Activity Report