Hong Kong-based ADV Partners has closed its debut fund at $545 million, above its target of $500 million.
Investors in ADV Opportunities Fund I include Hong Kong-based Asia Alternatives Management, as well as a sovereign wealth fund, a superannuation fund, US state pension schemes, fund of funds, endowments and family offices, the firm said.
Eaton Partners was the sole placement agent for the fund, which held its first close in June 2014.
It is already about 30 percent invested, targeting mid-market opportunities across sectors with a focus on China and India and looking opportunistically at South East Asia and developed markets in Asia and Australasia. Its typical investment size is $25 million to $75 million.
ADV adopts a value investment approach to private equity and looks to partner with entrepreneurs and management teams of mid-market companies across a range of industries, who are seeking capital to resolve corporate or shareholder level dislocations while supporting continued growth.
ADV Partners was co-founded in 2013 by Brad Landes, its chief investment officer, and Suresh Prabhala and Jianyi Zhu, who worked together at New York-based Mount Kellett Capital, which describes itself as a multi-strategy investment firm focused on global distressed, special situations and opportunistic investing. It has offices in Asia and Europe.
ADV Partners has offices in Hong Kong, Singapore, Shanghai and Mumbai.