Ardian closed ASF VIII, its latest secondaries fund of funds, at $19 billion.
The total, which includes $5 billion in co-investment interests, exceeds the $14 billion raised for predecessor fund ASF VII, which closed in 2016.
ASF VIII attracted 275 institutional investors from 40 countries, according to a news release Tuesday.
"While this is another significant milestone in the growth of our fund of funds platform, more important is how it highlights the continued development of the secondaries market," said Vincent Gombault, head of Ardian fund of funds and member of the executive committee, in the news release. "It is now a mature market, which will only grow in importance for private equity investors in the years to come."
Investors include the $239.3 billion California State Teachers' Retirement System, West Sacramento; the $201.8 billion Florida State Board of Administration, Tallahassee; the $30.9 billion Pennsylvania State Employees' Retirement System, Harrisburg; and the $3.2 billion Oklahoma Firefighters Pension & Retirement System, Oklahoma City.
Ardian has $96 billion in assets under management.
A spokeswoman could not immediately provide further information.