Advent raises $2bn for tech fund

The raise comes shortly after the final close of the GP's flagship product, GPE IX, which hit its $17.5bn hard-cap in June.

The fund will co-invest alongside GPE IX, as well as source its own investments at the lower end of the market.

Advent simultaneously announced the opening of an office in Palo Alto and has increased its technology investment team by more than 50% in recent months. Among the recent appointments was former TPG partner Bryan Taylor, who was appointed head of the team.

The fundraise follows similar strategies by competitors including KKR, which is currently targeting $2bn for its second-generation tech fund, and Carlyle, which held a final close on €1.35bn for its fourth-generation vehicle earlier this year. 

Investors
Previous Advent funds have received commitments from a broadly diversified range of LPs such as the Washington State Investment Board and pension funds TCRS, Lacera, Minnesota, Oregon and New Mexico.

Investments
On its own, the fund will be able to make smaller investments, starting at $50m equity tickets. It will also co-invest with GPE IX and has already backed two of its deals in the US: Definite Healthcare and Transaction Services Group.

People
Advent International – Bryan Taylor, David Mussafer, James Brocklebank (managing partners); Eric Wei (managing director).

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