Advent International today announced the final close of its Latin American Private Equity Fund III (LAPEF III) at the hard cap of US$375 million. LAPEF III is the largest private equity fund raised in Latin America in the last five years and Advent's third since entering the region in early 1996. It is also the third buyout fund closed this year by Advent, bringing the total capital raised in 2005 to more than US$4 billion.

Like its predecessor funds, LAPEF III will focus on buyouts of growth companies across Latin America, with a particular emphasis on service businesses, including business outsourcing, travel and airport-related services and financial services. The fund will target the three largest economies in the region -- Mexico, Brazil and Argentina -- investing up to US$50 million of equity in companies in primarily control positions.

Over the last decade, Advent has invested in 28 Latin American companies with a combined enterprise value exceeding US$1.3 billion. Eight of these companies have been acquired by strategic or financial buyers. The team of 18 investment professionals is the largest in the region, operating from wholly owned offices in Mexico City, Sao Paulo and Buenos Aires. The new fund brings Advent's total capital managed in Latin America to US$870 million.

The new fund follows two other successful fund-raising efforts by Advent this year. In April, the firm had a final closing on GPE V, a euro 2.5 billion (US$3.3 billion) fund investing in mid- to large-market buyouts in Western Europe and North America. The same month, Advent closed ACEE III, a euro 330 million fund investing in mid-market buyouts in Central and Eastern Europe. LAPEF III also builds on a series of Latin American buyout funds managed by Advent, including LAPEF I, formed in 1996 with capital of US$230 million, and LAPEF II (US$265 million), raised in 2002.

INFO SOURCES

Advent International

FIRMS

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 US$10 billion through public equity and debt offerings. These include over 130 IPOs on major stock exchanges worldwide.

The firm manages buyout programs focused on two areas -- established markets and developing markets -- allowing the firm to fund businesses in all major world economies.

Advent raised the industry's first global private equity fund in 1987 and the first integrated pan-European fund in 1989. The latest program in this series, GPE V, capitalized at euro 2.5 billion (US$3.3 billion), focuses on mid- to large-market buyouts in Western Europe and North America.

In the developing markets Advent manages two of the largest funds dedicated to their region.

LAPEF III (US$375 million), investing in mid-market buyouts in Latin America, and

ACEE III (euro 330 million), targeting mid-market buyouts in Central and Eastern Europe

INVESTORS

North American investors include: California Public Employees' Retirement System, Morgan Stanley Alternative Investment Partners and British Columbia Investment Management Corporation. European investors include: AlpInvest Partners, DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH) and FMO (Netherlands Development Finance Company).

LAPEF III INVESTMENTS

 LAPEF III has already made its first two investments: the acquisition (subject to Central Bank approval) of Nuevo Banco Comercial, Uruguay's largest commercial bank, and purchase of a majority stake in Hipotecaria Casa Mexicana, a specialized mortgage lending institution in Mexico. Advent expects to close a third investment by the end of the year.