Ardian, KPS Capital Partners pick up New Jersey Division of Investment commitments


Ardian’s latest megafund and a new vehicle from special situations private equity specialist KPS Capital Partners have both picked up commitments from the New Jersey Division of Investment.

NJDI has agreed to commit up to €125m to Ardian Buyout Fund VII and another €50m in a co-investment sidecar vehicle according to P&I, which cited spokesperson William Skaggs.

Ardian is out targeting up to $6bn for that vehicle according to a Buyouts report from last month, although a story from the Wall Street Journal last December suggested the figure was €6bn.

AltAssets reported earlier this month that Ardian had raised $2.5bn of commitments for its latest co-investment vehicle, more than twice the $1.2bn raised for Ardian’s fourth co-investment fund in 2015.

The P&I report also revealed that KPS had received a $175m pledge from the NJDI, which manages investments for the $76bn New Jersey Pension Fund.

It also agreed to commit $25m to KPS Special Situations Mid-Cap Fund.

No target is given for either vehicle, but KPS struck the $3.5bn hard cap for its fourth flagship fundraise through a final close in 2013.

Previous commitments to KPS Special Situations Fund V have come from LPs including the University of Houston and the Teachers’ Retirement System of Louisiana.

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