Advent International has completed fundraising for Advent International GPE VIII LP (GPE VIII), reaching its hard cap of $13 billion (€12 billion) after six months in the market. Advent’s previous fund, GPE VII, closed on $10.8 billion (€8.5 billion) in 2012.
“GPE VIII received commitments from a diverse base of institutional investors across the globe,” said Johanna Barr, a Managing Director and Global Co-Head of Limited Partner Services at Advent International. “Approximately 90% of the committed capital came from limited partners in Advent’s prior funds, with the remaining commitments provided by a select number of new investors.”
The new fund, like its predecessors, will invest in buyouts, recapitalizations and growth equity transactions, primarily in Europe and North America and selectively in other regions such as Asia and Latin America. Sectors of interest continue to include business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom.
“We are pleased with the strong support we received from both existing and new investors,” said David Mussafer, a Managing Partner at Advent International in Boston. “We believe that our success is a result of our long-established sector focus, global footprint and network, private partnership model, and the significant operational resources and expertise we apply to our investments. This solid foundation positions us well to continue to find and build successful businesses around the world.”
Advent International is owned and operated by 45 partners and governed by a group of 14 Managing Partners. The firm has offices in 16 countries and employs 170 investment professionals across Western and Central Europe, North America, Latin America and Asia. Founded in 1984 and headquartered in Boston, Advent has $42 billion in assets under management and has completed more than 300 buyout and private equity transactions (www.adventinternational.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-22-16
