Private wealth capital is enabling Ardian to pursue larger secondaries deals without creating market risks, according to Ava Mallin at NEXUS 2026. Mallin, managing director of private wealth, said the firm's latest flagship fund attracted 22 percent from private wealth investors, up from 11 percent in the previous vehicle. This influx of capital allows Ardian to secure better terms and greater flexibility in asset selection.

Despite growing private wealth participation, Mallin emphasized the secondaries market remains undercapitalized relative to deal flow. The mismatch between available dry powder and transaction volume has created what she called an "organic overhang" in 2026. This dynamic leaves substantial room for both institutional and private wealth capital to pursue opportunities without crowding each other out.

Ardian's latest fund closed at $30 billion in January, doubling the predecessor's $19 billion raised in 2020. Mallin noted that even with specialized secondary players and evergreen funds entering the market, the volume of potential deals far exceeds current capital deployment. The firm sees no immediate risk of scaling too quickly as private wealth capital continues expanding its role in secondaries investing.