Wafra, the alternatives investments house owned by Kuwait's PIFSS public pension fund, has announced a strategic minority investment in French private markets giant Ardian.

Overseeing ca. $28 billion in assets and registered in New York, Wafra has eyed greater exposure to both secondaries and real assets, and identified Ardian as an "ideal strategic partner". Terms of the minority stake, completed via the Kuwaiti firm's dedicated direct investments program, were not disclosed.

State of Play: Challenging private markets conditions have driven rampant interest in secondaries in 2025. Earlier this year, Ardian raised the largest secondaries fund to date, its ninth overall, capped at $30 billion with over 450 investors.

Global players, including Amundi and State Street, have likewise moved into secondaries aggressively this year, anticipating further runway for the once-niche specialty.

The Trend: Gulf investors continue to jump on direct equity plays with trusted leading managers, as they favor an aligned buy-in versus build strategy to gain alts exposure. Ardian is also set to open an office in Kuwait City as a result of the deal.Abu Dhabi-based Lunate took a similar minority stake in Brevan Howard, valued at $2 billion, in August.