Advent International has raised €8.5bn for its latest fund, Advent International GPE VII LP, in less than nine months.
Advent International GPE VII LP
FUND - €8.5bn
ANNOUNCED -March 2012
CLOSED ON - €8.5bn
FOCUS - North America, Europe
FUND MANAGER - Advent International
The vehicle was launched in March 2012 and will continue Advent's strategy of investing primarily in North America and Europe.
Advent says the fund received strong interest from LPs despite the competitive fundraising environment. The GP attributed its success to its strong relationship with existing investors and the decision to continue its strategy.
Fundraising was handled by an in-house investor relations team.
Advent refused to comment on the terms and conditions of the fund.
The fund was heavily subscribed by existing investors, according to Advent, and also saw a select number of new LPs making commitments.
Around 50% of LPs are from North America, with 25% from Europe and 25% from the rest of the world. The latter quarter is made up primarily of investors from the Asia Pacific and Middle East.
Fund VII has already made one investment, in US-based Serta & Simmons Bedding, and agreed a further two investments in Denmark-based KMD and Cytec Industries' Coating Resins business in the US.
The fund has a similar flexible mandate to previous funds, allocating to a range of different deal sizes and types. It primarily focuses on North America and Europe though can make investments elsewhere in the world.
The investment team comprises more than 100 professionals across different geographies and sectors.
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