Advent International said Tuesday that its eighth flagship fund closed at $13 billion, above its $12 billion target. Advent International GPE VIII LP will invest in buyouts, recapitalizations and growth equity transactions, primarily in Europe and North America and selectively in other regions such as Asia and Latin America. Advent’s prior fund closed on $10.8 billion in 2012.
BOSTON and LONDON, March 22, 2016 – Advent International, one of the largest and
most experienced global private equity investors, today announced that it has completed
fundraising for Advent International GPE VIII Limited Partnership (“GPE VIII” or the “Fund”),
reaching its hard cap of $13 billion (€12 billion) after six months in the market. Advent’s
previous global fund, GPE VII, closed on $10.8 billion (€8.5 billion) in 2012.
GPE (Global Private Equity) VIII will pursue the same strategy as its predecessor funds,
investing in buyouts, recapitalizations and growth equity transactions, primarily in Europe
and North America and selectively in other regions such as Asia and Latin America. The
Fund will focus on five industry sectors in which Advent has significant experience and
knowledge: (1) business and financial services; (2) healthcare; (3) industrial; (4) retail,
consumer and leisure; and (5) technology, media and telecom.
Across its target sectors and regions, Advent will seek to invest in well-positioned companies
with the potential for further operational improvement and partner with management teams
to create value through revenue and earnings growth.
“We are pleased with the strong support we received from both existing and new investors,” said
David Mussafer, a Managing Partner at Advent International in Boston. Mr. Mussafer is one of 14
Managing Partners at Advent. “We believe that our success is a result of our long-established
sector focus, global footprint and network, private partnership model, and the significant
operational resources and expertise we apply to our investments. This solid foundation positions
us well to continue to find and build successful businesses around the world.”
GPE VIII will be invested by a team of more than 130 investment professionals across
Europe, North America and Asia. These individuals can leverage the expertise and networks
of additional professionals from Advent’s Latin American Private Equity Fund (LAPEF)
program, which focuses on investments throughout Latin America.
“Our global team is one of the largest and most experienced in the private equity industry,”
said Ralf Huep, a Managing Partner at Advent International in Frankfurt. “This platform
allows us to generate a broad set of opportunities, invest selectively in the most compelling
businesses and drive operational improvement and growth to create value.”
“GPE VIII received commitments from a diverse base of institutional investors across the
globe,” said Johanna Barr, a Managing Director and Global Co-Head of Limited Partner
Services at Advent International in London. “Approximately 90% of the committed capital
came from limited partners in Advent’s prior funds, with the remaining commitments provided
by a select number of new investors.”
“We are fortunate to have a large, loyal group of investors and greatly appreciate their
support in making this a successful fundraising,” said Robert Weaver, a Managing Director
and Global Co-Head of Limited Partner Services at Advent International in New York. “We
will work to earn their continued commitment by maintaining our focus on value creation.”
STRONG 25-YEAR TRACK RECORD
Advent’s GPE program has established a strong track record of investments and exits over
seven generations of funds and several economic and private equity cycles. Since 1990, the
program has invested in 228 private equity transactions in 29 countries and fully or
substantially realized 190 of those investments.
Recent investments by the GPE program include Ammeraal Beltech, Corialis, Hypo Group
Alpe Adria and Istituto Centrale delle Banche Popolari Italiane (ICBPI) in Europe; Distribution
International, Genoa and Noosa in North America; and Crompton Greaves Consumer
Electricals, The Learning Lab and QuEST Global Services in Asia.
Recent IPOs and sales of companies in the GPE program include Casa Reha, Douglas,
Equiniti, GFKL Financial Services, Priory Group and Worldpay in Europe; Bojangles’, Party
City and TransUnion in North America; and CARE Hospitals in Asia.
KEY COMPETITIVE ADVANTAGES
Over its long history of international investing, Advent has developed a number of core
capabilities which it believes provide significant competitive advantages throughout the
investment life cycle:
- Long-established sector focus – Advent has been investing in each of its five target
sectors for 25 years and has made an average of over 60 investments per sector
worldwide. This expertise enables the firm to identify attractive investment opportunities in
higher-growth sub-sectors, develop and implement effective value creation plans and
position companies favorably for exit.
- Global footprint and network – With over 170 investment professionals in 10 countries
on four continents, Advent brings to its investments both a broad global perspective and
deep knowledge of local markets. This platform allows the firm to help businesses grow
through international expansion, cross-border acquisitions and other initiatives.
- Private partnership model – Advent remains a traditional private partnership owned and
operated by 45 partners and governed by a group of 14 Managing Partners. The firm
believes its ownership structure and economic incentives ensure that it is closely aligned
with the interests of its investors.
- Significant operational resources and expertise – To complement its deal team’s
capabilities, Advent draws on additional operational and sub-sector expertise, including an
in-house Portfolio Support Group and over 70 highly experienced external Operating
Partners. These Operating Partners, typically former CEOs, work alongside Advent’s
sector teams and management to support the development of companies through their
industry knowledge, operational know-how, leadership experience and contact networks.
In addition to the GPE program, Advent is currently investing its sixth Latin American private
equity fund, LAPEF VI. Capitalized at $2.1 billion, the 2015-vintage fund focuses on buyouts
and growth equity investments in Brazil, Colombia, Mexico, Peru, Chile and other countries
in the region.
This press release is not an offer or solicitation of an offer, or an invitation or inducement, to
invest in any Advent International fund. No person may invest in any Advent International
fund except in accordance with and subject to the terms of the applicable fund
documentation and applicable law.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global
private equity investors. The firm has invested $30 billion (€23 billion1) in more than 300
private equity transactions in 40 countries. As of December 31, 2015, it had $29 billion
(€27 billion) in assets under management, which does not include the $13 billion (€12 billion)
raised for GPE VIII. With offices on four continents, Advent has established a globally
integrated team of over 170 investment professionals across North America, Europe, Latin
America and Asia. The firm focuses on investments in five core sectors, including business
and financial services; healthcare; industrial; retail, consumer and leisure; and technology,
media and telecom. After more than 30 years dedicated to international investing, Advent
remains committed to partnering with management teams to deliver sustained revenue and
earnings growth for its portfolio companies. For more information, visit