Advent International, one of the world's largest private equity investors, announced Thursday that it has completed fundraising for Advent International GPE IX Limited Partnership (GPE IX). The fundraising – $ 17.5 billion – exceeded the $ 16 billion target set for the fund. The previous global fund of Advent, GPE VIII, closed at $ 13 billion in 2016.
"The successful GPE IX fundraising is a milestone for Advent and increases the capital that can be deployed in India," said Shweta Jalan, Advent CEO in Mumbai. "As with our previous global funds, with GPE IX, we will be able to invest a portion of the capital in India in pursuit of our long-standing strategy of partnering with management teams to drive business transformation and transformation." earnings growth. Advent has been active in India since 2007 and has invested close to $ 1 billion to help create value in dynamic businesses across the country, "she said.
GPE IX will continue the same proven strategy as the previous 8 funds of Advent's Global Private Equity (GPE), investing in buyback, spin-off, private equity and growth stocks, primarily in Europe and in North America and selectively in Asia and Asia. Latin America.
Sector specialization has been at the core of Advent's approach since its inception and the Fund will continue to focus on five key areas in which the Company has extensive experience and knowledge: (1) commercial and financial services; (2) health care; (3) industrial; (4) retail trade, consumption and recreation; and (5) technology, media and telecommunications.
Advent recently announced plans to strengthen its commitment to the technology sector by strengthening its technology investment team and opening a new office in the San Francisco Bay Area.
"We are very pleased with the strong support provided to GPE IX by existing and new investors," said David Mussafer, Managing Partner at Advent in Boston. "We believe our success is due to our long-established industry focus, our global footprint, our private partnership model and the significant operational resources we apply to our investments," he added.
"Advent's large, globally integrated team gives us a decisive advantage in identifying and implementing attractive investment opportunities around the world," said James Brocklebank, Associate Director at Advent. in London. "We are uniquely positioned to pursue complex situations, such as corporate carver-outs, in which we can apply our sector and operational expertise to generate value in these dynamic businesses," he says. added.
Advent has more than 195 investment professionals and portfolio support around the world. A team of 157 professionals across Europe, North America and Asia will deploy GPE IX. These individuals can leverage the knowledge and experience of 40 venture capital professionals from Advent in Latin America, as well as a global network of world-class operational resources. This includes more than 115 operational partners and external operating consultants, former senior executives with significant sectoral and functional expertise.
Through this platform, Advent brings industry best practices, tools and features to help management teams implement value creation plans and accelerate earnings growth. Since 2005, Advent's portfolio companies for at least one year have seen their income and EBITDA grow at an average annual rate of 14% and 15% over their investment.
GPE IX has generated significant demand from Advent's existing investors, with more than 90% of the Fund's commitments from previous Advent fund sponsors.
Advent's GPE program has successfully completed investments and outflows for several generations of funds and for several business and private equity cycles. Since 1990, the program has invested in 258 private equity transactions covering 31 countries and has fully or substantially completed 213 such investments.
In all of its funds, Advent has invested $ 44 billion in more than 345 private equity deals in 41 countries. The companies in the company's current portfolio generated annual sales of $ 50 billion and employed more than 290,000 people at the end of their last year.
Recent IPOs and corporate exits from the GPE program include Ammeraal Beltech, Bojangles', Cotiviti, Genoa Healthcare, KMD, Lululemon Athletica (partial exit), Mondo Minerals, MORSCO and Nexi (IPO, partial exit).
Recent GPE investments include Aimbridge Hospitality, BioDuro, Deutsche Fachpflege Gruppe, INNIO (formerly GE Distributed Power), Laird, Manjushree Technopack, Prisma Medios of Pago, Walmart Brazil and Zentiva.
In addition to the GPE program, Advent is currently investing its sixth private equity fund focused on equity buybacks and growth equity investments across Latin America. The LAPEF VI fund, vintage 2015, is capitalized at 2.1 billion dollars.