Advent closes EUR6.6 global mega-fund

Fund raising is looking positive again with Advent International closing its sixth global buyout fund GPE VI on its hard cap of EUR6.6bn. The fund is the largest mid-market buyout fund ever raised, it is the ninth largest buyout fund globally and also the largest fund in Advent's history. GPE VI exceeded its original EUR5bn target and was oversubscribed, with LPs wanting to invest more than EUR10bn.

The Cayman island-based fund has a lifespan of 10+1+1 years. 160 investors took part in the fundraising, notably Canada Pension Plan Investment Board, GIC Special Investments, AlpInvest Partners, Pantheon, California State Teachers' Retirement System, SL Capital Partners, Universities Superannuation Scheme and Partners Group.

The new fund will follow the same strategy as its predecessor, GPE V, and will seek investments in the mid-market and upper mid-market segments predominantly in Europe (60-70%) and North America (25-35%) but will also invest 10-15% in other regions. The focus is on companies with a value of between EUR200m up to EUR1bn.

The fund will acquire between 30-35 companies and will complete deals in three core strategies: international buyouts, strategic realignment opportunities and growth-focused buyouts. The target sectors are services and financial services, retail, consumer goods and leisure, health, technology, media and communications, and the manufacturing industry.

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