Advent Raising Fifth Latin America Fund
Advent International has begin marketing its fifth fund to invest in Latin American companies. The effort, called Advent Latin America Private Equity Fund V (LAPEF V), has closed on $70 million to date, according to a regulatory filing. No target capitalization was disclosed. Advent International’s prior Latin America fund closed on $1.3 billion in commitments in 2007, topping its target by 30 percent. It also was the largest private equity fund ever raised for investment in Latin America, the company said at the time. The fundraising process may take a bit more elbow grease this time around. On top of the already-difficult fundraising environment, a first half report for 2009 show M&A in Latin America has taken a hit comparable to the developed markets. Deal volume was down by 36% compared with the first half of last year with a 45% drop in value, according to
