Bloomberg News

Advent International Raises $10.8 Billion for LBO Fund

November 12, 2012

Advent International Corp., a Boston-based buyout firm that invests in Europe and the U.S., raised 8.5 billion euros ($10.8 billion) for its latest fund, the largest pool raised for private-equity investments in two years.

Advent International GPE VII LP, which began gathering money in March, is the biggest since Blackstone Group LP (BX:US) closed on $16.2 billion in 2010, according to London-based researcher Preqin Ltd. Advent, which had originally set a target of 7 billion euros, in October increased the maximum amount it could raise to 8.5 billion euros, a person with knowledge of the decision said at the time.

Advent’s fundraising stands out in a crowded market where large buyout funds are struggling to secure commitments. Permira Advisers LP, the London-based buyout firm that last month acquired Ancestry.com, has yet to hold an initial close on a fund it has been marketing for more than a year, people familiar with the matter said last month. Cinven Ltd., the British private-equity firm that owns Pizza Express, took 13 months to gather 80 percent of its target and Nordic Capital, a Stockholm- based firm that invests in Northern Europe, is seeking 25 percent less than the 4 billion euros it initially targeted.

Advent, founded by Peter Brooke, invests primarily in North America and Europe. Fund VII will invest in control buyouts and recapitalizations in continental Europe, the U.K. and North America, the firm said today. The new fund has closed on one investment so far, the purchase of a majority stake in AOT Bedding Super Holdings, the maker of Serta & Simmons mattresses.

To contact the reporter on this story: Sabrina Willmer in New York at swillmer2@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net


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