Ardian is launching a commercial real estate arm, aiming for €2bn of assets under management by 2020.

The private investment manager said the division would be its fifth investment subsidiary.

Ardian was formerly AXA Private Equity, which was spun out of AXA last year.

The new team will be built and led by Bertrand Julien-Laferrière, who has previously held roles at Accor, Unibail-Rodamco and Société Foncière Lyonnaise (SFL), where he was chief executive.

Dominique Senequier, president at Ardian, which manages pension fund and sovereign wealth capital, said the company would aim to manage more than €2bn in the next five years.

“The founding of this fifth pillar is a natural progression for us as we continue to evolve and develop,” Senequier said.

“It will not only strengthen and diversify our offering for clients but also provide a substantial growth opportunity for the company.

“Ardian will primarily focus on investing in commercial and other non-residential real estate assets across Europe.”

The company’s fifth pillar of investment activity will sit alongside Ardian Direct Investment, Ardian Private Debt, Ardian Fund of Funds and Ardian Infrastructure.