Ardian raises $820m for second Americas fund at first close – exclusive

Roughly three years after raising its debut Americas fund, Ardian is back on the fundraising trail for its latest vehicle dedicated to the region and has held a first close on $820 million, Infrastructure Investor has learned.

Ardian Americas Infrastructure Fund V has a target of $1.5 billion, one the firm expects to meet before this summer, a source told Infrastructure Investor. The firm has already achieved a roughly 75 percent re-up rate, this person added, securing commitments from European, US and Asian LPs. It has also attracted new investors, including one major French LP.

Like its predecessor, AAIF V will invest in the renewable energy, natural gas, transportation and utilities sectors, in the US, Canada, Mexico, Chile and Colombia. However, the majority of the capital – 85 percent – will be invested in North America.

The French fund manager made its foray into the region cautiously, raising slightly more than $800 million for AAIF IV in May 2018, which, while modest in size, was still above its $500 million target and oversubscribed. Fund IV is understood to be fully deployed.

Ardian has been developing its strategy in the region steadily, building up its US-based team, opening an office in Santiago and, in September 2020, partnering with a subsidiary of Italian energy group Enel. The joint venture, in which Ardian holds an 80 percent stake, will manage the existing battery storage projects of Enel X in Canada and support the development of similar projects in the country.

Ardian declined to comment for this story.