Advent International raises $25 billion for its latest buyout fund

Advent International has closed its latest global buyout fund, Advent International GPE X, at its cap of $25 billion.

The fund hit its cap after less than six months of fundraising, surpassing its goal of $23 billion, a spokeswoman said in an email.

Investments will focus on North America and Europe, as with previous Advent funds, while continuing to build the company’s presence in Asia, across five core sectors: business and financial services; Health care; industrial; retail, consumer and leisure; and technology.

Advent International GPE X also has the potential to co-invest with Advent Global Technology II, a dedicated technology fund that closed at its $4 billion cap in December, and Advent’s fund focused on Latin America, according to the press release.

Advent’s previous global buyout fund, Advent Global Private Equity IX, closed at its cap of $17.5 billion, beating its fundraising target of $16 billion.

GPE X investors include the Washington State Investment Board, Olympia, worth $193.8 billion; $135.7 billion Minnesota State Board of Investment, St. Paul; $101.5 billion from the Massachusetts Pension Reserves Investment Management Board, Boston; $75.2 billion Los Angeles County Employees Retirement Association, Pasadena, CA; $70.6 billion Tennessee Consolidated Retirement System, Nashville; $68.8 billion from the Maryland State Pension and Retirement System, Baltimore; $43.9 billion Texas County & District Retirement System, Austin; and $35.2 billion from the Texas Employees Retirement System, Austin.

Advent International has over $100 billion in assets under management.