Advent makes first close of Advent 6 fund
Australia and New Zealand-focused Advent Private Capital has held the first close of its Advent 6 fund, and has confirmed commitments of nearly A$100 million ($102.3 million).
According to Melbourne-based Advent, the LPs for the vehicle include domestic fund managers, international retirement funds and its parent, Advent Private Capital, which claims around A$550 million of funds under management. The vehicle will focus on mid-market corporations whose value falls between A$40 million and A$200 million, with Advent's average ticket sizes ranging from A$25-$50 million.
"The Advent 6 fund will be similar in size to Advent's previous funds, allowing the manager to maintain its focus on the mid-market - where it has historically been very successful," Advent Executive Director Robert Radcliffe-Smith said in a statement. "The fund will have a 10-year life and is expected to build a portfolio of 8 to 10 mid-market investments in Australia and New Zealand. International and Australian institutions are likely to dominate further investment in Advent 6."
The fund additionally confirmed that the first Advent 6 investment will be in Orionstone, a digging equipment rental business based in Western Australia and Queensland. The fund has invested a combined A$68 million in the company through its Advent 5 and Advent 6 funds.
Orionstone claims to be the second-largest niche player in Australia, and its customers include mine owners and contractors.
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