The global leader in Secondaries & Primaries investments

Ardian has the world’s largest Secondaries & Primaries platform, with more than $96bn under management or advisement. Since 1999, we have built the world’s leading Secondaries platform: we acquire stakes in high-quality private equity and infrastructure funds from institutional investors, providing a liquidity solution for them before the underlying funds reach maturity. On the primary side, we use our unrivalled network to give our investors access to top-tier fundraisings worldwide. Our integrated primary and secondary set-up ensures that Ardian has a common relationship network of managers and a world-leading proprietary database.

THE TEAM
Secondaries & Primaries case studies

  • 1,650+

    Funds in the portfolio

  • 10,000

    underlying companies

Our locations

  • 110+

    investment professionals

  • 10

    Offices around the world

The world leader in secondary markets

Ardian pioneered the secondary market for fund investments. We use our unrivalled proprietary database to execute the largest and most complex transactions, buying portfolios of interests in private equity and infrastructure funds typically valued at $1bn-plus. We buy from institutional investors that are seeking to crystallize returns through early access to their capital or to manage their private equity exposure dynamically. Our ability to provide an exit for these investors has brought much-needed liquidity to private asset classes that have historically been considered illiquid.

Primary access to the most sought-after funds worldwide

We source and select primary commitments for our investors to the most attractive funds across regions and strategies. The best managers often have limited capacity in their funds. Gaining access requires established relationships and preferential positioning, both of which Ardian has built throughout its two decades of Secondaries & Primaries activities. Disciplined manager selection is also key: Ardian’s leading investment database allows the Secondaries & Primaries team to perform uniquely in-depth due diligence. Primary commitments are offered mainly through our Customized Solutions. Thanks to Ardian’s global reach, we are able to build both diversified and focused portfolios precisely matching the client’s needs.

Unique opportunities through early secondary deals

Ardian also has a dedicated strategy offering Early Secondary investments into less mature portfolios. This strategy purchases stakes in Private Equity portfolios that are between 15%-50% funded, offering a unique risk-return profile.

Reshaping the market in private assets

Ardian’s activity in the secondary market accounts for a significant proportion of the total transaction volume. We have invested in more than 1,600 underlying funds. Our presence allows large institutions to actively manage their exposure to private market assets – releasing money early for reinvestment, shifting their exposure between assets or regions, and rationalizing their portfolios to create fewer core relationships with third-party Private Equity managers.

The Team

Ardian Secondaries & Primaries has a team of professionals across Ardian’s offices, with major hubs in London and New York and a local presence throughout Europe, North America and Asia.

"Private Equity is no longer an illiquid asset class. Our leadership in the secondary market has helped change the way big institutional investors manage their entire private portfolios."

ASF Committee
Mark Benedetti

Mark Benedetti

Executive President, Chairman of the Executive Committee and Co-Head of Secondaries & Primaries

Vladimir Colas

Vladimir Colas

Executive Vice-President, Vice-Chairman of the Executive Committee and Co-Head of Secondaries & Primaries

Jan Philipp Schmitz

Jan Philipp Schmitz

Executive Vice-President, Member of the Executive Committee, Head of Investor Relations, Deputy Co-Head of Secondaries & Primaries

Marie-Victoire Rozé

Marie-Victoire Rozé

Deputy Co-Head of Secondaries & Primaries, Senior Managing Director and Member of the ASF Management Committee

Bertrand Chevalier

Bertrand Chevalier

Senior Managing Director and Member of the ASF Management Committee

Manuel Haeusler

Manuel Häusler

Senior Managing Director and Member of the ASF Management Committee

Daryl Li

Daryl Li

Senior Managing Director and Member of the ASF Management Committee

Wilfred Small

Wilfred Small

Senior Managing Director and Member of the ASF Management Committee

Martin Kessi

Martin Kessi

Head of Switzerland & Head of Customized Solutions

Won-Ha-2

Won Ha

Head of Singapore & Korea and Managing Director

Jason Yao

Jason Yao

Head of Greater China and Senior Managing Director

Lucas Coleon

Lucas Coleon

Senior Managing Director

Michel Fellmann

Michel Fellmann

Senior Managing Director

Matthieu Teyssier

Matthieu Teyssier

Senior Managing Director

Colin Wang

Colin Wang

Managing Director | Greater China

Maria Daguere

Maria Daguere

Managing Director

Nicolas Duchange

Nicolas Duchange

Managing Director

Grégoire Guinot

Grégoire Guinot

Managing Director

Sara Huang

Sara Huang

Managing Director

Quentin Hugot

Quentin Hugot

Managing Director

Caroline Letellier

Caroline Letellier

Managing Director

Zachary Levine

Zachary Levine

Managing Director

Arnaud Mercier

Arnaud Mercier

Managing Director

Felix Signorell

Felix Signorell

Managing Director

Guillaume Amphoux

Guillaume Amphoux

Secondaries & Primaries Director and Co-Head of CFP

Jonathan Lightman

Jonathan Lightman

Secondaries & Primaries Director and Co-Head of CFP

Robert Capron

Robert Capron

Director

Aaron Deutsch

Aaron Deutsch

Director

Lujun He

Lujun He

Director

Stephan Hess

Stephan Hess

Director

Artjom Jalosa

Artjom Jalosa

Director

Apoorva Joshi

Apoorva Joshi

Director

Kévin le Toux

Kévin le Toux

Director

Yoochan Lee

Yoochan Lee

Director

Martin Locher

Martin Locher

Director

Sven Lumsden

Sven Lumsden

Director

Lucas Radal

Lucas Radal

Director

Mackenzie Speak

Mackenzie Speak

Director

Yan Tiegen

Yan Tiegen

Director

Ada Wen

Ada Wen

Director

Adrien Zervos

Adrien Zervos

Director

Ross Dexter

Ross Dexter

Senior Investment Manager

Gregory Garvey

Gregory Garvey

Senior Investment Manager

Anna Komarova

Anna Komarova

Senior Investment Manager

Regan Lim

Regan Lim

Senior Investment Manager

Christina Lin

Christina Lin

Senior Investment Manager

Emilio Llosa

Emilio Llosa

Senior Investment Manager

Grace Lloyd

Grace Lloyd

Senior Investment Manager

Mario-Felix Pasku

Mario-Felix Pasku

Senior Investment Manager

Maxime Pasqualini

Maxime Pasqualini

Senior Investment Manager

Florian Reeh

Florian Reeh

Senior Investment Manager

Jean-Christophe Richard

Jean-Christophe Richard

Senior Investment Manager

Christopher Sealey

Christopher Sealey

Senior Investment Manager

Stephen Sellman

Stephen Sellman

Senior Investment Manager

Lisi She

Lisi She

Senior Investment Manager

Benedikt-Wagner

Benedikt Wagner

Senior Investment Manager

Yuki Zhang

Yuki Zhang

Senior Investment Manager

Nicholas Basch

Nicholas Basch

Investment Manager

Nikolas Buha

Nikolas Buha

Investment Manager

Paul-Camincher

Paul Camincher

Investment Manager

Sam Chan

Sam Chan

Investment Manager

Crystal Chua

Crystal Chua

Investment Manager

Hodge

Jack Hodge

Investment Manager

Ryckiel Hossie

Ryckiel Hossie

Investment Manager

Dominik Langenegger

Dominik Langenegger

Investment Manager

Rory Milbank

Rory Milbank

Investment Manager

Jeffrey Miller

Jeffrey Miller

Investment Manager

Natalia Nogues

Natalia Nogues

Investment Manager

Jack Phelan

Jack Phelan

Investment Manager

Léna Routaboul

Léna Routaboul

Investment Manager

Daniel Schenk

Daniel Schenk

Investment Manager

Noah Segal

Noah Segal

Investment Manager

Mateo STEINBACH-KÜNKLER

Mateo STEINBACH-KÜNKLER

Investment Manager

Jeff Won

Jeff Won

Investment Manager

Eric Wong

Eric Wong

Investment Manager

Weiting Yuan

Weiting Yuan

Investment Manager

Salah Zouiri

Salah Zouiri

Data Manager

Alexis de Girardier

Alexis de Girardier

Analyst & Data Scientist

Paul Bellec

Paul Bellec

Analyst

Ari-Boutris

Ari Boutris

Analyst

Francesca Dulio

Francesca Dulio

Analyst

Allison Eng

Allison Eng

Analyst

Eric Ganshof

Eric Ganshof

Analyst

Aziz Lahmar

Aziz Lahmar

Analyst

LAUTE Moritz

Moritz LAUTE

Analyst

Anh Le

Anh LE

Analyst

Yijin-Liu

Yijin Liu

Analyst

Laura Metzler

Laura Metzler

Analyst

Aidan Pilot

Aidan Pilot

Analyst

Rebecca Skoller

Rebecca Skoller

Analyst

Thao My Tran

Thao My Tran

Analyst

Barton Trimble

Barton Trimble

Analyst

Case studies

View all
  • Portfolio Rationalisation – Project Ship II

    • Seller type

      UK Pension Fund
    • Portfolio

      8 Buyout LP Interests
    See more
  • Direct Portfolio – Project Walter

    • Seller type

      U.S. Financial Institution
    • Portfolio

      30 Direct Assets + 2 Buyout LP Interests
    See more
  • Complex Corporate Restructuring – Project Cruise

    • Seller type

      Sovereign Wealth Fund
    • Portfolio

      14 Buyout & Growth LP Interests and 14 Co-Investments
    See more

Sara Huang joined Ardian in 2010. Now at the helm of the Secondaries & Primaries team in Ardian's New York office, she brings her skills and...

  • Secondaries & Primaries Inside Ardian

Ardian's Grace Lloyd career testimony from Bi4 to Private Equity

Career path - 1 minute to consider going from Big4 to Private Equity

  • Secondaries & Primaries, Talent Inside Ardian

New fund positions Ardian to respond to increased deal flow as the market recovers from the Covid-19 pandemic

  • Secondaries & Primaries Inside Ardian

a Private Equity Wire Award in the “Best Performance over $1.5bn: Secondary” category

Private Equity Wire Award

In March 2023, Ardian won a Private Equity Wire Award in the “Best Performance over $1.5bn: Secondary” category.

awards 2022

Private Equity International Awards 2022

In March 2023, Ardian won two awards at the Private Equity International Awards 2022: "Firm of the Year in France" and "Secondaries Firm of the Year In Europe"

In March 2022, Ardian won first place in the Secondaries Deal of the Year Asia - Private Equity International

Secondaries Deal of the Year Asia - Private Equity International

In March 2022, Ardian won first place in the Secondaries Deal of the Year in Asia, by Private Equity International.

Private Equity International Awards 2020

Private Equity International Awards 2020

In March 2021, Ardian won the title Secondaries Firm of the Year in Europe at the Private Equity International Awards 2020.

Publications

Ardian Corporate Brochure

Read the brochure

Ardian 2023 Integrated Report

Read the report

Funds of Funds Sustainability Brochure

Read the brochure
Ardian Mandates

A trusted partner for tailored solutions

Ardian’s customized solutions are tailor-made investment solutions that precisely reflect the client’s goals. As a trusted partner, Ardian builds bespoke portfolios and provides access to top-quality private market investments worldwide. Moreover, our Customized Solution clients benefit from a premium service offering.