FOREWORD DOMINIQUE SENEQUIER President of Ardian The world that is emerging from this pandemic is more open to question than ever, we must show will be quite different from the one we used to inha- leadership, commit publicly to put positive impact bit. This epoch-making event has thrown everything at the heart of our business and earn our license in the air. It has forced everyone to look again at to operate. their plans and assumptions; to question things they took for granted. This is the spirit in which we are re-examining Ardian and deciding how our organization and For all the terrible loss Covid-19 has caused, business model need to change. The environment positives can ultimately flow from this period of in which we operate is shifting. Private investment seismic disruption. But this will happen only if we markets never stand still. We must adapt to the new are paying attention to its messages. The pandemic realities. has revealed weaknesses and omissions. It has demonstrated that change in many areas is more Ardian is the world’s largest investor in secon- urgent than we realized – and in others it is acce- dary Fund of Funds transactions and the leading lerating, whether we are ready or not. This brings European player in primary commitments through fresh possibilities, for sure, but it also unleashes risksArdian Customized Solutions. The Ardian’s eighth that we must recognize and address. Are our insti- secondaries platform which attracted $19 billion tutions and societies as solid and cohesive as we was one of the key events of 2020 for us. thought? Are our economies and businesses truly resilient? Is our thinking driven by a broad enough However, our Fund of Funds business can range of voices and ideas? Have we fully interna- grow much larger than it is today, provided it adapts lized a sense of our purpose and social solidarity? to the changing shape of its markets. My intention over the course of 2021 is to look again at every One of our most important initiatives during aspect of our Fund of Funds activity and ensure it is 2020 was to draw up a bold, straightforward state- as strong as possible. We see important opportu- ment of our purpose as an organization: At Ardian, nities to extend our activities in Asia, where private we invest all of ourselves in building companies that equity markets are rapidly maturing, and to acquire last. This is both a description of Ardian’s culture and secondary interests in the continuation funds that a a declaration of intent. In an era when the good growing number of GPs are now setting up. faith of all organizations – especially in finance – 2020 ACTIVITY REPORT 5