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Advent closes Latin American Fund VI on $2.1 bln

Advent International has closed Advent Latin American Private Equity Fund VI on $2.1 billion, reaching the fund’s hard cap in less than six months.

Fund VI focuses on control investments in later-stage companies throughout Latin America, investing mainly in Brazil, Colombia and Mexico.

More than 60 institutional investors committed to Fund VI, including public and corporate pension funds, endowments and foundations, fund of funds, sovereign wealth funds, family offices and other financing institutions. About half the capital in the fund was raised from North American investors, one-quarter from European investors and the remainder from institutions in Latin America, the Middle East and Asia.

As peHUB previously reported, Advent is moving forward with Fund VI with a changed leadership structure with long-time Latin America chief Ernest Bachrach having stepped back as co-head of the Latin America team in 2012. Former Latin America co-head Juan Carlos Torres, along with seven other executives, are leading the firm’s Latin America business.

Advent closed its previous Latin America fund on $1.65 billion in 2010.

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