Advent International raises $17.5bn

The global investor’s ninth fund becomes seventh largest private equity fund to have been raised.

Advent International has announced the final close of Advent International GPE IX at its $17.5 billion hard-cap, making it the seventh largest private equity fund to reach a final close. The fund spent six months on the road and surpassed the initial target of $16 billion. It will pursue the same strategy as its predecessor, which closed at $13 billion in 2016, investing in buyouts, corporate carve-outs, public-to-private and growth equity transactions. The regional focus continues to be Europe and North America, with select opportunities in Asia and Latin America also considered.

The firm’s core sectors are business and financial services, healthcare, industrial, retail, consumer and leisure, and TMT.

Investors in GPE IX include the Minnesota State Board of Investment, Taiwan Life Insurance, Rhode Island State Treasury and Cathay Life Insurance.