Performance watch: Advent International’s funds

The firm expects to close its latest fund in May, according to Rhode Island State Investment Commission documents.

As Advent International nears the close of its Fund IX targeting $16 billion, Private Equity International examines the performance of its previous funds.

Before Fund IV, Advent made small investments in growth equity, venture and small buyouts. From Fund IV onwards, the private equity firm started making fewer investments targeting control-oriented buyouts and recapitalisations of companies.

Advent has increased its focus on North America and European countries such as Austria, Poland and the Czech Republic while decreasing its focus on Germany. It has also increased its investments in India, according to a presentation the company made to Rhode Island State Investment Commission.

The interactive chart below shows the firm’s previous funds performances. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how they have fared by net internal rate of return and total multiple of invested capital.