Private equity firm Ardian has agreed to purchase a portfolio of limited partnership interests worth around €300m in European infrastructure private equity funds from Italian banking group UniCredit.

The deal, whose terms have not been disclosed, is slated to be wrapped up in the third quarter of 2017.

Ardian US managing director and co-head Mark Benedetti said: “This acquisition highlights our unique ability to complete significant and complex transactions which offer secondary liquidity to large institutions such as Unicredit. Our scale and knowledge of the assets meant we were perfectly placed to support its strategy.”

UniCredit expects a profit of €90m from the sale, which is subject to approval of the fund manager F2i SGR.

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