Advent Closes $1.3B Fund IV

Jul 30 2007 | 8:41am ET

Advent International recently held a final close of its Latin American Private Equity Fund IV at $1.3 billion. The new fund brings Advent's total capital raised for the region to $2.2 billion.

Like its predecessor funds, LAPEF IV will acquire control positions in later-stage, cash-generative businesses, primarily in Mexico, Brazil and Argentina. The fund will target high-growth service sectors—including airport services, financial services and business outsourcing—as well as other industries experiencing regional growth or consolidation. The typical equity investment will be $50 million to $150 million in companies with enterprise values between $50 million and $750 million.

LAPEF IV has already announced its first investment—the leveraged buyout of Corporativo Javer's housing business subsidiaries—for an undisclosed amount.

"Over the past 11 years, we have screened thousands of investment opportunities and met with hundreds of management teams, giving us in-depth knowledge about businesses in the region and the drivers of success," said Ernest Bachrach, chief executive of Advent Latin America. "Additionally, with the large flow of capital into the U.S., Europe and most recently Asia, investors are increasingly finding Latin America an interesting alternative, with fewer competing sources of capital and a more compelling risk-return profile."

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