Ohio Police & Fire bets on Advent

The Ohio Police & Fire Pension Fund committed $35m to Advent’s seventh flagship fund, which will target investments in North America and Europe.

The Ohio Police & Fire Pension Fund’s board of trustees unanimously approved a $35 million commitment to Advent International’s latest flagship fund at its meeting last month, according to its website.

Advent is targeting €7 billion for its seventh vehicle, which will invest in European and North American upper mid-market companies. The firm typically focuses on five core sectors, which include business and financial services, healthcare, industrial, retail/consumer and technology, media and telecoms.

Advent launched the fund earlier this year and has already seen quite a bit of success on the fundraising trail. In June, Washington State made a massive $400 million commitment to the fund. The Massachusetts Pension Reserves Investment Management Board has also invested in Fund VII, according to data provider Private Equity Connect.

The firm’s €6.6 billion sixth fund was generating a 1.1x total value multiple and 6.88 percent net internal rate of return as of 31 December, according to Washington State Investment Board documents. Advent raised that fund in 2008.

In April, Advent hired Birger Nergaard and Gunnar Rydning from Nordic venture firm Verdane in an effort to bolster its presence in the region. The firm has also extended its reach in emerging markets as well, opening offices in Bogota and Shanghai in the last year.

Advent was founded in 1984 and has raised approximately $26 billion in capital. In addition to its flagship funds, the firm also manages several regional and sector-specific funds for private equity investments in Latin America, Central and Eastern Europe as well as healthcare and life sciences.

The Ohio Police & Fire Pension Fund’s investment portfolio is valued at around $11.7 billion, according to its website. Its transitional allocation to private markets is 4 percent. The system has a long term allocation of 7 percent for private markets.