Private investment manager Ardian has acquired Bregal Investments' limited partnership stake in €600 million ($714 million) fund Freshstream.
The fund, previously known as Bregal Freshstream, was established in 2015 and focuses on the Netherlands, U.K. and Belgium. Freshstream is a middle-market private equity firm.
The undisclosed stake was acquired from private equity platform Bregal Investments, an Ardian news release said. The deal completes Freshstream's transition to an independent firm owned by its partners, the news release said. The fund will be managed and future fundraising completed by Freshstream as a stand-alone entity.
Both Bregal and Ardian have made commitments to Freshstream's second fund, the release said. Details were not available.
Ardian has $110 billion of assets under management and advisement. Bregal Investments has invested more than €15 billion since the firm launched in 2002.