Advent Nets $2.1 Billion For Largest Latin America P.E. Fund

Nov 7 2014 | 11:57am ET

Advent International has raised what is believed to be the largest-ever Latin American private-equity fund.

The Boston-based firm garnered $2.1 billion for its sixth fund focused on the region, slightly above both its $2 billion target and the $1.9 billion raised by Gávea Investimentos in 2011, the previous record-holder.

Advent said it raised the new fund in less than six months from more than 60 institutional investors, half of them in North America.

Like its previous Latin America fund, which closed with $1.65 billion in 2010, Advent’s latest regional vehicle will focus on Brazil. But the fund will invest in Mexico and the Andes, especially Colombia. Advent Latin American Private Equity Fund V has enjoyed an internal rate of return of 9.5%.

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