France’s Ardian targets €5bn for new private credit fund

French alternative asset manager Ardian is looking to raise at least €5bn (£4.3bn) for its sixth private credit fund.

The Paris-headquartered firm’s private credit division, headed up by Mark Brenke, typically provides senior debt facilities to mid-sized companies. It focuses on defensive industries such as software.

Read more: Private debt’s inherent liquidity attracts evergreen managers

Ardian declined to comment to Bloomberg who first reported the news, citing unnamed sources with knowledge of the matter.

The new fundraise will be the first time that Ardian has raised money for its private credit strategy since November 2022.

It raised €5bn for its last fund, surpassing an initial target of €4bn.

Read more: Alternative lenders and private debt funds fill SME funding gap

The $1.7tn (£1.3tn) private debt market has grown substantially in recent years. Global private debt funds raised $202.2bn last year, according to Preqin data, which was slightly behind the previous year.

However, Preqin said  this was “a respectable fundraising score” given the “uncertain economic and interest-rate environment”.