Global private equity player, Advent International (Advent) on Tuesday announced the completion of fund-raising for its tenth flagship fund “Advent International GPE X,” at $25 billion (Rs 1.94 lakh crore), a corpus 40% higher than the previous fund, GPE IX ($17 billion).
“Together with GPE X’s companion fund, Advent Tech II, the firm has raised over $30 billion in commitments over approximately 12 months from its limited partners and internal capital from Advent,” the company said in a statement. This is Advent's second technology dedicated fund.
With this largest ever fundraise for Advent, its assets under management (AUM) now stand at over $100 billion.
Continuing with the strategy of its predecessor funds, GPE X will focus on Europe and North America, while also continuing to build Advent’s active local presence in Asia.
“In 2022, we expect an increased focus on EESG (employee, environmental, social and governance) and the continued momentum of dealmaking in India. It is crucial to have the flexibility to deploy capital in India across sectors, deal types, and sizes, with equity investments ranging from $100 million to $2 billion,” said Shweta Jalan, managing partner, Advent International.
Advent will also continue to focus on investments where it has a strong track-record, such as complex carve-outs from major corporations and public-to-private transactions. The Fund also has the potential to co-invest with Advent Tech II and Advent’s Latin America-focused fund,” the statement said.
Currently, Advent works with over 265 investment professionals across five core sectors - business & financial services; healthcare; industrial; retail, consumer & leisure; and technology.
Jalan added, “The fresh fundraise through GPE X will support our expansion in India over the next few years and allow us to tap into attractive opportunities in a growing market, whilst helping us to continue to build a good quality portfolio, in alignment with Advent’s overall strategy and principles.”
Advent International was founded in 1984 and has 15 offices in 12 countries.
In India, Advent has been active since 2007 with an office in Mumbai. Over the past 15 years, we have invested over $2.9 billion across 13 companies in India in sectors such as financial services, consumer products, healthcare, industrial and technology, the firm said.
Its most recent deal was to acquire a controlling stake in Avra Laboratories Pvt Ltd as the private equity firm seeks to boost its active pharmaceutical ingredients (API) business in India.
In December, the PE major had picked up a majority stake in Encora, a digital engineering services company specializing in software product development services, from majority shareholder Warburg Pincus.