Global private equity firm Advent International has opened a new office in Shanghai to support expansion of its portfolio companies into China, according to a company statement. The Shanghai presence is the firm’s second in Asia, having established a Mumbai office in 2009.
The China office will be led by managing director and co-head of Greater China, Filippo de Vecchi, and principal and co-head of Greater China Andrew Li. De Vecchi has been at Advent for 13 years and served at the firm’s São Paulo and Milan offices. Prior to Advent Li worked at Warburg Pincus, Solera Capital and Credit Suisse.
The pair is joined by an investment team of four professionals – Jerry Ling, David Chen, Jackson Hui and Jianhong Zhang.
The new team will largely focus on portfolio company support in assessing bolt-on acquisitions or organic growth opportunities for the firm’s existing investments, the statement said. In addition, the office will help analyse China-related opportunities for international transactions, but is less focused on direct investments in China.
Last month, Advent shut offices in Turkey and Italy. The firm blamed sluggish dealflow for the closure of the Italy office, while saying it preferred to cover Turkey via a Europe-wide approach, Private Equity International reported earlier.
In 2011, the firm closed its Tokyo office, noting at the time it would instead focus on China and other emerging Asian countries.
It has historically worked on deals with a “long-standing affiliate” in the region, SEAVI Advent, which has offices in Singapore, Kuala Lumpur, Hong Kong, Shanghai and Beijing, according to the company's website.
Advent closed its latest global fund, GPE VII, on $10.8 billion in November last year. Investments will target the US and Western Europe and other markets opportunistically.
Advent International was founded in 1984 and has since raised $37 billion in capital, according to the firm. It focuses on growth and traditional buyout and strategic repositioning transactions across five core sectors including business and financial services, healthcare, industrial, retail, consumer and leisure and technology, media and telecoms.