The Abu Dhabi Investment Authority (Adia) is doubling down on the secondaries market, just as the market looks poised for a “reset.” An Adia subsidiary partnered with the French investment firm Ardian to roll out a new real estate secondaries platform, according to a press release. The platform aims to pursue prospects in the “current market environment,” where valuations are shifting, and liquidity is in higher demand. Adia declined to provide further details when we reached out.

Uh, Enterprise, what are secondaries? Think of it as a secondary market for “pre-owned” stakes in property funds. If an investor needs a quick exit — maybe to cover losses elsewhere or rebalance their portfolio — that’s where a buyer like the new Adia-Ardian platform steps in. The buyer usually gets the assets at a haircut, and the seller gets immediate liquidity. The global secondaries market is growing, after reaching a record USD 20 bn in 2025, the statement said.

The sovereign fund is ramping up its exposure to follow-on investments. Adia was an anchor investor in a USD 770 mn continuation vehicle (CV) for CDH Investments’ flagship fund in January. The fund also invested alongside PAI Partners in a single-asset CV for ice-cream company Froneri, and backed GL Capital’s CV for SciClone Pharma.

And Ardian? Ardian invests in private equity, real assets, and private credit, with 22 offices around the world, including in Abu Dhabi, according to its website. It manages or advises about USD 200 bn globally and is a leading player in the secondaries market, raising about USD 30 bn for a secondaries fund last year, according to a press release. It also has partnerships with Mubadala Investment on private asset investments.

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