Advent expected to seek more than $10 bln for next flagship, start fundraising in Q3

One of the more highly anticipated funds coming to market this year is Advent International’s next flagship vehicle, which could launch in the third quarter, according to three people with knowledge of the firm.

It’s not clear how much Advent will target for Advent GPE VIII, but the sources said the fund would be bigger than its predecessor, which closed on $10.8 billion in 2012.

A first closing could come around year’s end or in the first quarter, sources said.

“Pursuant to U.S. securities laws, Advent is prohibited from commenting on fundraising matters,” Advent said in a statement.

Fundraising for Fund VIII is expected to go quickly because of the firm’s performance. Fund VII generated a 22.84 percent net internal rate of return and a 1.3x multiple as of Dec. 31, according to the Washington State Investment Board.

An LP familiar with Advent predicted that demand will be high for Fund VIII. “They’re the best-performing large fund out there,” the LP said.

Advent’s Global Private Equity fund invests in business and financial services, healthcare, industrial, retail, consumer and leisure and technology, media and telecom, primarily in the United States and Europe, and in select other markets, according to the firm’s Form ADV. Advent invests in a range from $50 million up to $1 billion of equity in deals, according to its website.

In March, Advent agreed to make a strategic investment in Genoa, a QoL Healthcare Company, a U.S.-based behavioral health specialty pharmacy company.

Late last year, the firm closed Advent Latin American Private Equity Fund VI on $2.1 billion, hitting its hard cap in six months.

Advent was formed by Peter Brooke in 1984 as a successor to TA Associates. Brooke is chairman of the firm. Advent managed about $32.8 billion as of Dec. 31, according to its Form ADV.

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