Goldman Sachs Asset Management and Ardian have successfully acquired a substantial $1 billion portfolio of US private equity assets from the China Investment Corp (CIC). Sources confirm the transaction closed late last year, marking a significant secondary market transfer of illiquid holdings. This deal allows CIC to proceed with its planned portfolio rebalancing strategy.

Pricing varied across the underlying stakes, with Ardian reportedly securing assets at a double-digit discount, while Goldman Sachs achieved a single-digit reduction on its portion. CIC, which held 48.5% of assets in alternatives as of 2024, is trimming its exposure to US dollar-denominated investments previously held with top-tier managers like KKR and Carlyle.

For the buyers, the acquisition bolsters their established dominance in private market secondaries. Ardian recently closed a massive $30 billion secondary fund, making it a perennial leader in this space. Deploying capital efficiently via discounts in the secondary market is a key differentiator for these major asset managers.

Institutional appetite for generating immediate liquidity is driving broader market activity, mirroring actions seen by entities like Harvard University. These sales demonstrate a clear trend where large LPs actively use the secondary channel to manage concentration risk and improve near-term cash flow positions.