Advent International reported its largest fundraise ever with the $25 billion close of the Advent International GPE X after less than six months in the market.
According to Alternatives Watch reporting, allocators included: The Texas County and District Retirement System ($100 million); Maine Public Employees Retirement System ($45 million); Washington State Investment Board ($600 million); and Minnesota State Board of Investment ($150 million).
Together with companion fund Advent Tech II, the now $100 billion Advent International has collected over $30 billion in commitments in approximately 12 months from its limited partners and internal capital from Advent. The GPE X strategy will deploy capital across geographies, sectors, deal types and sizes. The new fund is 40% larger than its predecessor fund that raised $17.5 billion in 2019 and will maintain its predecessor funds’ focus on Europe and North America, while also continuing to build Advent’s active local presence in Asia.
“In our nearly 40 years of experience, one thing we know is true is that when you partner with outstanding business leaders and together build great companies, great results follow,” said David Mussafer, managing partner and co-chair of Advent’s Executive Committee. “The GPE X fundraise, alongside our recent raise for its companion fund, Advent Tech II, are a testament to the trust our investors place in us, particularly in challenging global economic and political circumstances.”
The Boston-based firm continues to focus on five core sectors: business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. Advent officials said they will continue to lean on investments such as complex carve-outs from major corporations and public-to-private transactions. The new fund also has the potential to co-invest with Advent Tech II and Advent’s Latin America-focused fund.
“Our expanding portfolio support ecosystem, our in-house data science capability ‘Advent Labs’, and our prioritization of ESG in the portfolio are all examples of how we continue to develop new ways to help management teams achieve sustainable growth at scale,” added James Brocklebank, managing partner and co-chair of Advent’s Executive Committee.