Exclusive: Advent International to launch record buyout fund

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Exclusive: Advent International to launch record buyout fund

- Advent International is the latest private equity giant planning to tap a buoyant fundraising market for a record buyout fund, according to people familiar with the matter.

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The U.S. firm is targeting about $25 billion for a new flagship vehicle and could begin seeking commitments next year, the people said, asking not to be identified discussing confidential information.

Deliberations are ongoing and no final decisions on the size or timing of the fundraising have been taken, they said. A representative for Advent declined to comment.

Fundraising cycles for private equity firms have shortened on record capital deployment and inflows, as investors seek out asset classes that can deliver higher returns in the current low-interest rate environment; Advent raised its last buyout fund, a $17.5 billion vehicle, in 2019. The industry s biggest names have raced to capitalize on this demand.

Carlyle Group Inc. is seeking to raise as much as $27 billion for its latest flagship, in what would be the largest private equity pool in the world. Hellman Friedman took in $24.4 billion for its biggest fund to date in July. Others, including Cinven and Permira, remain on the fundraising trail.

The vast sums of money at their disposal has fueled a fiercely competitive market for assets, in which private equity firms have been spending big to beat rivals across sectors - particularly in health care and technology. Last month, Advent and Singapore wealth fund GIC agreed to buy drugmaker Swedish Orphan Biovitrum AB for roughly $8 billion.

Advent manages $81 billion in assets, according to its website. It is known to focus on high-growth buyouts, corporate carve-outs and growth equity investments, primarily in Europe and North America, and for a strong track in high-growth sectors such as payments.

Read more: Private Equity Is Smashing Records with Multi-Billion M&A Deals.

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