|
AltAssets is the private equity news and research service from Almeida Capital
|
|
|
PRINT THIS PAGE Advent closes fourth CEE fund on €1bn hard cap17/04/2008. Source: AltAssets. 
Mid-market buy-out firm Advent International has closed its fourth CEE fund on €1bn, the hard cap of the fund. ACEE IV had an original target of €750m. GIC Special Investments, AlpInvest Partners, California State Teachers' Retirement System and the EBRD are among the largest investors in ACEE IV.
ACEE IV will invest in companies requiring €30-100m of equity. As with previous ACEE funds, the team can also draw upon additional capital from Advent's global funds for larger deals.
Advent managing partner Joanna James said, 'Central and Eastern Europe is now on the map for investors who are attracted by its combination of high growth and stability. This has served to raise the profile of the region, which is to the benefit of us all. Advent has invested three funds across Central Europe since 1994; there are many more businesses there that offer real potential for growth and cross border expansion. What we bring to these businesses is our long experience of the region alongside Advent's global network in 15 countries.'
The first investment from the new fund is to be announced shortly.
Advent has about 115 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buy-outs, strategic restructuring opportunities and growth buy-outs. Earlier this month, Advent closed its sixth global buy-out fund, GPE VI, on €6.6bn.
Advent closed its first fund for CEE on $120m in 1995, its second on $221m in 1998 and third on €330m in 2005.
There have been a number of CEE-focused fundraisings over the past few months. Mezzanine Management Central Europe closed its second CEE mezzanine fund, Accession Mezzanine Capital II, on €261m a few days ago. In the second half of last year, Mid Europa Partners closed its €1.5bn Mid Europa Fund III; BaltCap Private Equity Fund held a first closing on €58m; 3TS Capital Partners teamed up with Cisco Systems to launch the 3TS-Cisco Growth Fund III; and Draper Fisher Jurvetson partnered with Russian commercial banking group VTB to form a new venture capital fund, called DFJ-VTB Aurora.
Copyright © 2008 AltAssets
|
 
|
|
|
