Key Takeaways
- • Advent International completed fundraising for its 10th flagship global private equity fund, Advent International GPE X, at a hard cap of $25 billion (€22.1 billion) in commitments, according to a Business Wire press release.
- • The fund reached its hard cap after less than six months in the market, making it Advent's largest fundraise ever and lifting the firm's assets under management above $100 billion.
- • GPE X is more than 40% larger than its predecessor, GPE IX, which raised $17.5 billion in 2019.
- • Together with companion fund Advent Tech II, Advent has raised over $30 billion in commitments in approximately 12 months, including internal capital from Advent.
- • Commitments came largely from existing limited partners, with new investors including public and private pensions, sovereign wealth funds, endowments, and family offices.
Summary
Advent International, one of the largest and most experienced global private equity investors, has completed fundraising for its flagship fund, Advent International GPE X ("GPE X" or the "Fund"), with $25 billion (€22.1 billion) in commitments, according to a Business Wire announcement issued from Boston and London. The fund reached its hard cap after less than six months in the market. The raise is Advent's largest to date and brings the firm's assets under management to over $100 billion. It is more than 40% larger than GPE IX, the firm's previous Global Private Equity fund, which closed at $17.5 billion in 2019.
GPE X follows the $4 billion raised in 2021 by Advent Tech II, the firm's second dedicated technology fund. Together with Advent Tech II, Advent has raised more than $30 billion in commitments in approximately 12 months from limited partners and internal capital from Advent. The Fund will follow the same strategy as its predecessors, with flexibility to deploy capital across geographies, sectors, deal types and sizes. It will maintain its focus on Europe and North America while continuing to build Advent's local presence in Asia. The Fund also has the potential to co-invest with Advent Tech II and Advent's Latin America-focused fund.
Advent plans to invest through its 265-plus investment professionals across five core sectors: Business & Financial Services; Healthcare; Industrial; Retail, Consumer & Leisure; and Technology. The firm will continue to emphasize complex carve-outs from major corporations and public-to-private transactions. Since its inception, Advent has invested more than $15 billion in over 90 corporate carve-outs across 28 countries and completed more than 25 public-to-private transactions. Managing Partner and Co-Chair David Mussafer said the raise reflects investor trust "particularly in challenging global economic and political circumstances." Fellow Managing Partner and Co-Chair James Brocklebank cited the firm's portfolio support ecosystem, its in-house data science unit "Advent Labs," and its prioritization of ESG in portfolio companies.
Advent is privately held and majority-owned by its partners. Commitments came from a mix of international investors, including public and private pensions, sovereign wealth funds, endowments and foundations, institutional fund managers, family offices, and high-net-worth individuals. Most of the commitments came from limited partners in prior Advent funds. The press release notes that it is not an offer to invest in any Advent fund.
GPE X follows the $4 billion raised in 2021 by Advent Tech II, the firm's second dedicated technology fund. Together with Advent Tech II, Advent has raised more than $30 billion in commitments in approximately 12 months from limited partners and internal capital from Advent. The Fund will follow the same strategy as its predecessors, with flexibility to deploy capital across geographies, sectors, deal types and sizes. It will maintain its focus on Europe and North America while continuing to build Advent's local presence in Asia. The Fund also has the potential to co-invest with Advent Tech II and Advent's Latin America-focused fund.
Advent plans to invest through its 265-plus investment professionals across five core sectors: Business & Financial Services; Healthcare; Industrial; Retail, Consumer & Leisure; and Technology. The firm will continue to emphasize complex carve-outs from major corporations and public-to-private transactions. Since its inception, Advent has invested more than $15 billion in over 90 corporate carve-outs across 28 countries and completed more than 25 public-to-private transactions. Managing Partner and Co-Chair David Mussafer said the raise reflects investor trust "particularly in challenging global economic and political circumstances." Fellow Managing Partner and Co-Chair James Brocklebank cited the firm's portfolio support ecosystem, its in-house data science unit "Advent Labs," and its prioritization of ESG in portfolio companies.
Advent is privately held and majority-owned by its partners. Commitments came from a mix of international investors, including public and private pensions, sovereign wealth funds, endowments and foundations, institutional fund managers, family offices, and high-net-worth individuals. Most of the commitments came from limited partners in prior Advent funds. The press release notes that it is not an offer to invest in any Advent fund.
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