Our latest fundraising is testament to the strength and depth of our global platform and the consistent returns that we have delivered for our investors. Bythe ASF Management Committee Ardian Fund of Funds closed its eighth- We believe the market’s robust recovery generation secondary fund in 2020 at demonstrates that the long-term growth trend in $14 billion, plus $5 billion of co-investment secondary deal volumes remains intact and that capacity, a record for secondary funds. sellers remain keen to take advantage of the liquidity we provide. Having completed most of the fundraising for ASF VIII before the pandemic struck, the team was Sustainability is integrated into our investment ideally positioned as deal flow began to recover from process at every stage, and we have been engaging its initial drop in the first half of the year. Through theactively on sustainability issues with the GPs in our second half of 2020, activity strengthened, and portfolio for the past decade. In Ardian’s most recent the Fund of Funds team closed two secondary annual GP survey, we received responses from transactions with North American pension plans 183 managers, who collectively account for 91% of totalling $2 billion, along with more than $1 billion in our overall net asset value. The survey showed some aggregate from deals in Europe with pension plans, 92% of GPs in our portfolio now have a Responsible a family office and a bank. In spite of challenging Investment policy, up five points from the previous and volatile valuations in 2020, together these six survey, and 64% have set formal sustainability transactions were valued at 1.7x our paid-in capital targets, a 10-point increase. at December 31 – a testament to the quality of assets we were able to source and acquire.We also ARDIAN FUND OF FUNDS IS LED BY co-led a €1.2 billion GP-led transaction by Antin DOMINIQUE SENEQUIER, PRESIDENT OF ARDIAN, Infrastructure Partners. WITH THE SUPPORT OF THE ASF MANAGEMENT COMMITTEE WHOSE MEMBERS ARE: Although the Covid-19 crisis dealt a severe Mark Benedetti, Co-Head of Ardian US and Member of the Executive Committee blow to the global economy, the effects on private Vladimir Colas, Co-Head of Ardian US market portfolios were neither as serious nor as long- and Member of the Executive Committee lasting as in 2008, when values declined some 22%. Olivier Decannière, Senior Managing Director Ardian’s secondary portfolios showed resilience and Marie-Victoire Rozé, Senior Managing Director staged a strong recovery from May 2020 onward, Jan Philipp Schmitz, Head of Ardian Germany thanks to favorable sector exposure to technology and Asia, Head of Investor Relations and Ardian Customized Solutions, and Member of and healthcare, disciplined portfolio construction the Executive Committee and our focus on quality assets. Benoît Verbrugghe, Senior Managing Director 2020 ACTIVITY REPORT 53