Reuters – Advent Raises $10.8B for Latest Fund

U.S. private equity firm Advent International has raised 8.5 billion euros ($10.8 billion) for its latest fund, one of the largest pools of capital raised for buyouts since the financial crisis, Reuters reported Monday. Advent, whose deals include buying RBS’s payment processing business WorldPay, raised more than the 7 billion euros it initially planned for in its seventh Global Private Equity Fund, making it the firm’s biggest fund since it was founded in 1984. The new fund cements Boston-based Advent’s position as one of the leading global buyouts firms and gives it capital to spend for the next five years on medium to large-sized companies worth between 200 million and 2 billion euros.

(Reuters) – U.S. private equity firm Advent International has raised 8.5 billion euros ($10.8 billion) for its latest fund, one of the largest pools of capital raised for buyouts since the financial crisis.

Advent, whose deals include buying RBS’s payment processing business WorldPay, raised more than the 7 billion euros it initially planned for in its seventh Global Private Equity Fund, making it the firm’s biggest fund since it was founded in 1984.

The new fund cements Boston-based Advent’s position as one of the leading global buyouts firms and gives it capital to spend for the next five years on medium to large-sized companies worth between 200 million and 2 billion euros.

Advent has agreed a swathe of deals in the last month, including the buyouts of German retailer Douglas, Dutch medical supply company Mediq and Polish retailer EKO Holding.

Advent announced details of its fundraising on Monday. The firm, which raises capital in euros reflecting its European focus, raised its latest fund more quickly than its peers, many of whom are also in the market looking for capital from investors for new deals.

Private equity firms including Apax Partners, Cinven and Permira all started raising funds before Boston-based Advent, which also does deals in North America and Asia from its flagship fund. (By Simon Meads)

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