More than half of Ardian’s private credit investments last year came from repeat investors, the asset manager confirmed in its 2023 integrated report. Ardian's private credit business managed or advised $8 billion in assets and arranged $3.7 billion over the previous 18-24 months.

Mark Brenke, head of private credit, and Guillaume Chinardet, deputy head of private credit, described the performance as “resilient” with “robust” demand across Europe. Despite subdued M&A activity in 2023, the fifth iteration of Ardian’s private credit fund saw strong investment, driven by repeat business with existing portfolio companies focusing on buy-and-build strategies.

These repeat deals, which accounted for over 50% of Ardian's volume last year, offered attractive risk profiles and highlighted the benefits of Ardian's large portfolio. The portfolio performed well despite rising interest rates, which pushed yields on floating rate senior secured loans to a long-term high of 10-12%.

Brenke and Chinardet attributed the fund’s resilience to a disciplined focus on businesses with good revenue visibility, high cash conversion, and more lender-friendly loan documentation. Ardian is currently raising funds for its sixth private credit fund, targeting €5 billion.