Ardian Investment Fund said it was in talks with the Abu Dhabi Investment Authority (ADIA) to purchase land worth $2 billion, news agency Bloomberg quoted sources close to the deal as saying.
ADIA has hired Cogent Partners to advise on selling mostly buyout fund stakes, said sources who spoke on condition of anonymity, noting that Ardian made a bid on the portfolio before ADIA could start a sales process.
Prices in the secondary market, where private-equity stakes are bought and sold, are at a post-crisis high as firms such as Ardian are seeking to invest billions of dollars. The average high bid for holdings of buyout funds was 100 percent of net asset value in the first half of the year, according to a July pricing report by Dallas-based Cogent Partners, Bloomberg said.
Spokespeople for both ADIA and Ardian declined to comment on the deal.
ADIA has hired Cogent Partners to advise on selling mostly buyout fund stakes, said sources who spoke on condition of anonymity, noting that Ardian made a bid on the portfolio before ADIA could start a sales process.
Prices in the secondary market, where private-equity stakes are bought and sold, are at a post-crisis high as firms such as Ardian are seeking to invest billions of dollars. The average high bid for holdings of buyout funds was 100 percent of net asset value in the first half of the year, according to a July pricing report by Dallas-based Cogent Partners, Bloomberg said.
Spokespeople for both ADIA and Ardian declined to comment on the deal.
Source:
Mubasher
