Home Hedge Funds Advent International raises $25 billion for latest buyout fund

Advent International raises $25 billion for latest buyout fund

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Advent International closed its latest global buyout fund, Advent International GPE X, at its hard cap of $25 billion.

The fund reached its hard cap after less than six months of fundraising, exceeding its $23 billion target, a spokeswoman said in an email.

Investments will focus on North America and Europe, as with prior Advent funds, while continuing to build the firm’s presence in Asia, across five core sectors: business and financial services; health care; industrial; retail, consumer and leisure; and technology.

Advent International GPE X also has the potential to co-invest with Advent Global Technology II, a dedicated technology fund that closed at its hard cap of $4 billion in December, and Advent’s Latin America-focused fund, the news release said.

Advent’s previous global buyout fund, Advent Global Private Equity IX, closed at its $17.5 billion hard cap, exceeding its $16 billion fundraising target.

Investors in GPE X include the $193.8 billion Washington State Investment Board, Olympia; $135.7 billion Minnesota State Board of Investment, St. Paul; $101.5 billion Massachusetts Pension Reserves Investment Management Board, Boston; $75.2 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.; $70.6 billion Tennessee Consolidated Retirement System, Nashville; $68.8 billion Maryland State Retirement & Pension System, Baltimore; $43.9 billion Texas County & District Retirement System, Austin; and $35.2 billion Texas Employees Retirement System, Austin.

Advent International has more than $100 billion in assets under management.

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