Fundraising

The asset manager is targeting space left by the ballooning mega-fund market, according to documents from US public pension fund VCERA.

Ardian has backed several sizeable deals designed to grow an investment manager's third-party AUM, involving groups such as Mubadala and John Hancock.

The firm is among a handful of newer shops raising capital to target the smaller side of the secondaries market, which is busy and largely ignored by larger firms.

The Zurich-headquartered firm targets underperforming funds and those with limited upside to NAV across a range of asset classes.

The fund was targeting $550m to invest in smaller, less competitive secondaries deals across private equity, venture capital and natural resources.

Secondaries market participants like Jeremy Coller, Yann Robard and Johanna Lottmann try to forecast how the sector will look in 10 or 20 years' time.

Buyers have become more selective and have emphasised the importance of alignment in GP-led deals, according to the advisory firm's latest survey.

The alternatives giant's vehicle would be the second-largest pot of capital dedicated to the strategy so far.

The fund will be seeded by a portfolio of 12 GP-led investments made using the Canadian insurer's general account, Secondaries Investor has learned.

Strategic Partners Fund IX is likely to be one of the largest ever secondaries funds, with a target of $13.5bn.