Ardian is bundling secondhand fund stakes into approximately $1 billion of debt through a collateralised fund obligation, people familiar with the matter told Bloomberg. The Paris-based firm, one of the largest secondaries players with over 25 years in the business, is leveraging its record-breaking $30 billion fund raised last year to create rated paper from illiquid positions.

The move comes as the CFO market experiences rapid growth, with Evercore executives projecting issuance to reach $30 billion this year—a jump of roughly 50% from 2025 levels. This surge reflects growing demand for liquidity solutions among private markets managers struggling to exit positions acquired during the pre-2022 low-rate environment.

Market headwinds in the first half of 2026—including AI disruption concerns, private credit redemptions, and geopolitical tensions—have further pressured fundraising efforts, according to Bain & Co. Secondaries and private credit managers are driving CFO adoption, as their diversified portfolios align well with the structure's requirements.

For Ardian, bundling stakes into a CFO provides a strategic pathway to unlock capital from existing holdings without outright sales. This approach preserves long-term exposure while generating immediate liquidity, offering a template for how established firms can navigate today's challenging fundraising environment.