Ardian has backed Mubadala Capital, the investment arm of Abu Dhabi sovereign wealth fund Mubadala Development Company, in a $2.5bn (€2.3bn) two-part deal.

The French firm will become a lead investor in a new $1.5bn private equity fund from Mubadala. This fund will make direct investments, co-investments and fund investments in private equity assets mainly in Europe and North America.

Ardian has also acquired a majority stake in a private equity portfolio currently managed by Mubadala. Mubadala will retain a minority interest in the portfolio.