PRINT THIS PAGE Advent closes €6.6bn upper mid-market buy-out fund07/04/2008. Source: AltAssets. 
Mid-market buy-out firm Advent International has closed its sixth global buy-out fund, GPE VI, on €6.6bn, the hard cap of the fund. The new fund had an original target of €5bn. A total of 160 investors contributed to the fundraising. Some of the largest investors are Canada Pension Plan Investment Board, GIC Special Investments, AlpInvest Partners, Pantheon, California State Teachers' Retirement System, SL Capital Partners, Universities Superannuation Scheme and Partners Group.
Existing investors accounted for about two thirds of the capital raised. Geographically, 42 per cent of the capital was raised from North American investors, 41 per cent came from Europe, 11 per cent from Asia Pacific and six per cent from the Middle East.
With GPE VI, Advent will continue to invest in mid to upper-mid-market companies, operating across the firm's target sectors of business and financial services, retail, consumer and leisure, healthcare, technology, media and telecoms, and industrial, primarily in Europe and North America. Focusing on businesses with enterprise values of between €200m and €1bn, and occasionally above €1bn, the fund is expected to make 30 to 35 investments.
Advent managing director Bruce Barclay, who led the fundraising, said, 'We are extremely pleased with the strong support we received from both existing and new investors and the speed of the process. This has been achieved despite the debt market turmoil and stock market declines, which have concerned some investors and slowed a number of other fundraisings. We were able to have effectively a first and final close on March 12 and then waited a few weeks primarily for some investors who have new fiscal years beginning in April.'
GPE V closed on €2.5bn in 2005.
Advent focuses on international buy-outs, strategic restructuring opportunities and growth buy-outs.
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