Wafra, the investment arm of Kuwait's pension PIFSS, will expand its ownership position in Parisian secondaries giant Ardian later this year or in early 2027.

The fund initially bought in - reportedly at a 4 percent stake - last November, and the increase comes as AXA investors has simultaneously initiated an exit from its decile ownership of the firm.

Like Wafra, AXA will remain invested as a limited partner in Ardian's funds.