Advent raises $13b for global fund

The private equity firm raised $10.8 billion for its previous vehicle, which closed in 2012, and around 90% of the committed capital in the new fund came from LPs in earlier funds.

Advent International GPE VIII - which launched with a target of $12 billion - will follow the same strategy as its predecessor, pursuing buyouts, recapitalizations and growth investments. Europe and North America are the key geographies, with opportunities in Asia and Latin America considered on a selective basis. The fund has five core industries: business and financial services, healthcare, industrials, retail, consumer and leisure, and technology, media and telecom.

"As with our prior global funds, GPE VIII will be able to invest in leading companies in Greater China, Singapore and other Asian countries, with a particular focus on the chemicals, healthcare, education and retail sectors," Filippo de Vecchi, managing director and co-head of China for Advent, said in a statement. "We will also continue to work on global transactions with Chinese expansion opportunities and support Advent's portfolio companies on acquisition and growth strategies in the region."

Recent activity by the firm in Asia includes the purchase of a 34.37% stake in the consumer products unit of India's Crompton Greaves from Avantha Group. The deal, agreed in April 2015 as a co-investment with Temasek Holdings, valued the business at INR66 billion ($1.07 billion).

Then in January of this year Advent agreed to sell its majority stake in CARE Hospitals, India's fifth-largest healthcare provider, to The Abraaj Group at a valuation of INR18 billion ($266 million). The GP invested $105 million in the company in 2012.

Advent has $29 billion in assets under management globally, not including the most recent fund. It has invested $30 billion across more than 300 deals in 40 countries since inception.

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