| Ardian, the French alternative asset manager, agreed to buy a portfolio of private-equity fund stakes worth about $1 billion from Singapore sovereign wealth fund GIC Pte, people with knowledge of the matter said. The private-equity firm made a preemptive offer to GIC at a premium to book value to avoid an auction, said the people, who asked not to be identified because the information is private.
A spokeswoman for Paris-based Ardian declined to comment, while a spokeswoman for GIC didn’t respond to e-mail requests for comment. The agreement with GIC comes just weeks after a deal to buy a $1.5 billion portfolio of fund stakes from the Abu Dhabi Investment Council, a government-controlled fund manager, collapsed following valuation concerns...............................................Full Article: Source
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