Advent targets Q2 one-and-done for latest mega-fund – exclusive

Advent International is planning to hold a final close on its latest mega-fund in late April or early May, Private Equity International has learned.

The Boston-headquartered firm opened its data room for Advent International GPE IX on 5 December, according to a source with knowledge of the fund. Limited partners were asked via email to submit questions or comments about Fund IX by 7 January, the source said.

Advent is understood to be targeting between $15 billion and $17.5 billion for Fund IX. The firm will begin the allocation process in April, the source noted.

Advent declined to comment.

The firm amassed $13 billion for its 2015-vintage Fund VIII, according to PEI data. At the time the firm said that it had experienced demand worth $20 billion. The vehicle included commitments from California Public Employees’ Retirement System, Employees Retirement System of Texas and Milwaukee’s Northwestern Mutual.

Earlier this year, fellow buyout giant The Carlyle Group held a final close on its seventh flagship buyout fund on its $18.5 billion hard-cap. That fund, which hit the road with a $15 billion target, ended up 42 percent larger than its $13 billion 2013 predecessor.

Hellman & Friedman, meanwhile, held a final close on its latest flagship fund in October, gathering commitments of $16 billion. Its predecessor was a $10.9 billion 2014 vehicle.

– Adam Le contributed to this report.