Foreword 4 — Dominique Senequier Ardian in 2020 36 —Supervisory Committee 38 — Executive Committee 40 — Ardian in numbers 42 — Global presence, local connections 44 — 2020 Highlights 46 — Surging demand for Ardian Customized Solutions Investment activities 50 —We offer broad exposure to private markets 52 — Fund of Funds 56 — Buyout 64 — Expansion 72 — Growth 80 — Ardian North America Fund 84 — Co-Investment 92 — Infrastructure 100 — Private Debt 108 — Real Estate 2020 ACTIVITY REPORT 3