Ardian, the private equity firm formerly known as Axa Private Equity, has raised a €2.4 billion mid-market fund and a €400 million co-investment pool after completing its spin out earlier this week.

Its fifth buyout fund will be called AXA LBO Fund V and is 51% larger than its fourth fund, the firm said in a statement. It will invest in mid-cap companies in Europe and had targeted a fund of €2 billion.