Advent International, Boston private equity firm, raises $10.8 billion buyout fund
Advent International, a Boston private equity firm, said it has raised a $10.8 billion buyout fund, the largest of its kind launched since the financial crisis.
The fund, which will invest in mid-sized buyout deals, raised about half the money from large investors in North America; the other half came from Europe, Asia and the Middle East, according to the firm’s managing partner, David Mussafer.
It took about eight months to raise the new fund, which Mussafer called a success, given that “There’s a belief that, overall, the available capital for private equity is down 50 percent.”
When the financial crisis hit in late 2008, not only did markets dive, but many prominent institutional investors cut back their private equity commitments, in order to raise cash. And many investors have been conservative since then, staying as liquid as possible and trimming back holdings in longer-term investments.
The fund will focus primarily on deals in North America and Western Europe, and selectively in other global markets. Of five deals the fund has done already, four are in Europe, where there are bargains to be found, according to Peter Brooke, Advent’s founder and a pioneer in the private equity business in Boston.
“When the Berlin Wall fell and China opened up, we were in a position to move quickly,’’ Brooke said.“ A global footprint has continued to “put us in a very enviable position”.
Advent has 380 employees and recently opened a Shanghai office.Beth Healy can be reached at email@example.com.