Private Equity Professionals

Advent signs up Old Navy head

The former president of Gap-owned US apparel company Old Navy, Jenny Ming, has joined the global buyout firm as an operating partner. She will focus on apparel retail companies such as existing Advent portfolio companies Gérard Darel and lululemon athletica.

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Boston-based Advent International has hired former Old Navy president Jenny Ming as an operating partner focused on the apparel retail sector.

Ming will be based at the private equity firm’s Boston headquarters supporting portfolio companies globally.

Jenny Ming

Ming was among the executives that in 1994 launched US apparel company and retail chain Old Navy, which is owned by Gap. She began her career at Gap in 1986 and has spent the last seven years as Old Navy's president.

As one of Advent’s roughly 50 operating partners, Ming will assist in sourcing investment opportunities, conducting due diligence and developing portfolio companies.

Consumer and retail businesses are a core sector focus at Advent, which has made more than 25 retail investments to date. Investments in apparel retail have included French fashion brand Gérard Darel, athletic apparel company lululemon athletica, and UK clothing retailer Fat Face.

Advent’s sixth global buyout fund closed on €6.6 billion ($10.4 billion) in April. The same month, the firm raised €1 billion for its fourth Central and Eastern Europe fund. The firm also has a $1.3 billion Latin America that closed in July 2007.