Advent raises close to $27B for flagship fund, defying PE slowdown
What's the deal? Advent InternationalDealroom has a profile for this one. Try Dealroom → has raised about $27 billion for its 11th flagship buyout fund, Advent International GPE XI, exceeding its target. Including a newer mid-market fund, the Boston-based firm pulled in some $30 billion — the industry's largest pool of capital raised this year.
Why now? Many private equity firms are struggling to raise money as their ability to return capital to investors stalls. Sluggish exits have left less cash flowing back to limited partners, making new commitments harder to secure.
What's the endgame? The fund ranks among the world's largest buyout vehicles ever. Majority owned by its partners, Advent will deploy the capital across its global buyouts strategy.
The signal: Large, established managers continue to capture an outsized share of private-equity commitments. KKR closed a $23 billion North America fund this year, and Francisco PartnersDealroom has a profile for this one. Try Dealroom → raised $21 billion across two funds — evidence of a widening gap between top-tier platforms and smaller or emerging managers.
Read more: news.bloomberglaw.com, Reuters
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