Advent raises $17.5b for ninth global fund

Europe and North America will account for the bulk of the corpus, with up to 20% allocated to other markets, including Asia. Recent Asia-based activity includes the acquisition of BioDuro, a hybrid China-US R&D pharmaceutical outsourcing business. Advent also leveraged its global footprint to support a joint venture between Chinese mattress maker King Koil and the China affiliate of US-based Serta Simmons Bedding. King Koil and Serta Simmons are both existing portfolio companies.

India is the other Asia market that features strongly in the Advent portfolio. Last year, the firm invested in packaging industry supplier Manjushree Technopack, acquiring shares held by Kedaara Capital and the company’s founding family. The India portfolio also includes Innerwear manufacturer Dixcy Textiles, wealth manager Ask Group, and the consumer products unit of Crompton Greaves.

The rapid fundraise and the ease with which Advent beat its target – the firm initially sought $16 billion for GPE IX – reflects the continued strong appetite for private equity exposure, although larger managers are receiving an ever-larger share of commitments made. Advent also exceeded its target for Fund VIII, which closed at $13 billion in 2016 – also after six months in the market and with a 90% re-up rate. This followed $10.8 billion for Fund V.

The firm retains its focus on five core sectors: business and financial services, healthcare, industrials, retail, consumer and leisure, and technology, media and telecom. A San Francisco Bay office was recently opened as part of efforts to deepen involvement in the technology sector. A team of 157 professionals in Europe, North America and Asia will deploy Fund IX. They will be supported by 115 operating partners and operations advisors.

“Advent’s large, globally integrated team gives us a powerful advantage in identifying and executing attractive investment opportunities around the world. We are particularly well-positioned to pursue complex situations, such as corporate carve-outs, where we can apply our sector and operating expertise to unlock value in these dynamic businesses,” said James Brocklebank, a London-based managing partner with the firm, in a statement.

Advent had $36 billion in assets under management as of December 2018. It has invested $44 billion across more than 345 transactions in 41 countries since inception.

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• Topics
• Fundraising
• GPs
• Greater China
• South Asia
• Southeast Asia
• Buyout
• Advent International
• China
• India