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Report: Japan's Norinchukin Bank selling US$5B PE fund portfolio to Ardian

Ardian is buying a US$5 billion portfolio of private equity fund investments from Tokyo-based Norinchukin Bank, The Wall Street Journal reported.

The portfolio includes stakes in 92 funds managed by Blackstone Group LP, KKR & Co., Carlyle Group LP, TPG, Apollo Global Management LLC and other private equity firms, the Journal noted, citing people familiar with the matter and a confidential sale document analyzed by the publication.

The document reportedly shows the Paris-based private investment house is also directly buying from the Japanese bank stakes in seven companies, including software developer BMC Software Inc. and financial data provider Refinitiv.

Ardian is raising US$12 billion for its newest secondary fund, and the deal with Norinchukin Bank marks the largest secondary transaction in the private equity funds market, the Journal noted.

Norinchukin Bank did not comment on the matter, according to the publication.

Separately, Ardian said it acquired a minority interest in Uptoo SARL, a French recruitment platform for sales representatives and sales managers.

The investor said it will aid Uptoo in determining external growth opportunities.