Advent International has raised $10.4 billion for its sixth global buyout fund which the firm says is the largest mid-market buyout fund ever raised.
Like its predecessor, which closed at $3.3 billion in 2005, GPE VI will continue Advent’s strategy of investing in mid-market to upper middle-market companies primarily in Europe and North America. Focusing on businesses with enterprise values of $300 million to $1.5 billion, with the occasional larger transaction. The fund is expected to make 30 to 35 investments.
A total of 160 investors invested in GPE VI including the Canada Pension Plan Investment Board, GIC Special Investments, AlpInvest Partners, Pantheon, California State Teachers’ Retirement System, SL Capital Partners, Universities Superannuation Scheme and the Partners Group.
“This has been achieved despite the debt market turmoil and stock market declines, which have concerned some investors and slowed a number of other fund raisings,” said Bruce Barclay, managing director. “We were able to have effectively a first and final close on March 12 and then waited a few weeks primarily for some investors who have new fiscal years beginning in April.”