The 2013 PEI 300: Advent of better days?

Most firms on the fundraising trail last year found the process pretty arduous. But there were a few GPs who bucked the trend by smashing through their targets, often in a surprisingly short timeframe.

In 2012, perhaps the most prominent example was Advent International. In November, it closed its seventh global mid-market fund on €8.5 billion – the biggest fund closed in the last 12 months by some distance. It means that Advent has now raised just over $23 billion since the start of 2008, which puts it in the top 10 of the PEI 300 for the first time ever.

Advent started pre-marketing its Fund VII at the back end of 2011, and only officially launched it in March. Eight months later, it had already reached its €8 billion hard-cap – which it increased in response to investor demand. Almost all its existing investors re-upped, with every LP coming in on exactly the same terms.

But Advent wasn’t the only group to climb the rankings this year thanks to a successful fundraise. Cinven’s new €5 billion buyout fund propelled it up 52 places to number 30, while Ares Management jumped 49 places to number 18 after closing its fourth fund on $4.7 billion in August and energy specialist EnCap climbed 23 places to 16 after raising a further $5 billion.