French PE Firm Ardian Raises €3.2 Billion Mid-Cap Growth Fund

French buyout firm Ardian SAS has raised a €3.2 billion ($3.3 billion) for its new mid-cap growth fund.

The fundraising for Ardian Expansion Fund VI was 10% above its initial target and 60% higher than its predecessor fund, according to a statement Tuesday. The new fund drew 200 limited partners from 28 countries, including almost 120 new investors.

“LPs are still waiting on the sidelines — they are still very polarized. But what is a positive is that the good funds can still generate interest, and that worked in our favor,” François Jerphagnon, managing director of Ardian France and head ...