Advent International, a global mid-market buyout firm, today announced the final close of its most recent global private equity fund, Advent International GPE V, at €2.5 billion ($3.3 billion). Significantly oversubscribed with more than €4 billion of interest from investors, the fund brings the total cumulative capital raised by Advent to $10 billion.

Like its predecessor funds, GPE V will invest primarily in Europe and North America. While continuing to focus on investments with a typical enterprise value of €50 million to €500 million, the new fund also provides the flexibility to sole underwrite deals of up to €1 billion enterprise value. Target sectors remain Business & Financial Services, Technology, Media & Telecoms (TMT), Retail & Consumer, Healthcare & Life Sciences, and Industrial.

A total of 86 investors participated in GPE V. The fund received strong support from existing limited partners, whose total commitments exceeded the original target capitalisation. New investors committed the additional capital to reach the hard cap of €2.5 billion. Eight of the largest investors in the fund are GIC Special Investments, Canada Pension Plan Investment Board, AlpInvest Partners NV, State of Michigan Retirement Systems, funds managed by Standard Life, Pantheon clients, Partners Group-advised clients and California Public Employees’ Retirement System.

The fund saw an increase in interest from European institutional investors who contributed 38% of the capital raised. Forty-six percent was raised from North American investors and 16% from Asia and the Middle East.

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Advent International

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Advent International is one of the world’s leading private equity firms, with offices in 13 countries across North America, Western and Central Europe, Latin America and Asia Pacific. Since its inception in 1984, Advent has invested in more than 500 companies and has helped businesses raise over $10 billion through public equity and debt offerings. These include over 130 IPOs on major stock exchanges worldwide.