Advent International raises $25b for 10th global PE fund

Photo: REUTERS/Beawiharta

Private equity major Advent International announced that it has raised a total of $25 billion for its flagship fund, Advent International GPE X, after less than six month in the market.

The fund, which reached its hard cap, is Advent’s largest ever fundraise and brings the firm’s total assets under management to over $100 billion.

Together with the GPE X’s companion fund, Advent Tech II, the firm raised a total of over $30 billion in commitments from its limited partners and internal capital from Advent.

The fund secured commitments from a board mix of international investors, including public and private pensions, sovereign wealth funds, endowments and foundations, institutional fund managers, family offices, and high net worth individuals.

According to the announcement, limited partners in prior Advent funds accounted for most of the commitments.

DealStreetAsia reported in April that Taiwan-headquartered Fubon Life Insurance committed up to $70 million to the said fund.

Founded in 1984, Advent International mainly invests in the areas of business & financial services, healthcare, industrial, retail, consumer & leisure, and technology. With over 500 employees across 15 offices worldwide, the firm sources deals across North America, Latin America, Europe, and Asia.

It has invested $64 billion in over 390 PE deals across 41 countries by the end of the first quarter of 2022, according to its website. It can invest anywhere from $50 million to $2 billion of equity in companies with enterprise value of $50 million to $5 billion and above.

Following the same successful strategy as its prior GPE funds, GPE X will have the flexibility to deploy capital across geographies, sectors, deal types, and sizes. GPE X will maintain its predecessor funds’ focus on Europe and North America, while also continuing to build Advent’s active local presence in Asia, according to the announcement.

At over $25 billion, the new fund is Advent International’s biggest flagship fund in history. The firm is still deploying capital from its Global Private Equity IX (GPE IX). The GPE IX fund was closed at a hard cap of $17.5 billion in June 2019, surpassing a $16-billion target after six months of fundraising in the market. Advent’s previous global fund, GPE VIII, closed at $13 billion in 2016.

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