Advent International has completed a raise of $13 billion for a new global private equity fund.
The raise is for the private-equity firm’s eighth fund, Advent International GPE VIII. The fund’s hard cap of $13 billion was reached after just six months in the market.
Advent said the new fund will have the same strategy as its predecessor funds, which invest in buyouts, recapitalizations and growth-equity transactions. The investments are primarily in Europe and North America, with select investments in other regions such as Asia and Latin America. Investment is across different industry sectors, which include retail and consumer.
According to Advent, its retail and consumer sector team has completed more than 65 investments in 20 countries worldwide. Investments are with companies where there is potential for expansion from regional to national and national to international.
Among the firm’s investments in the retail and consumer group are: yoga apparel firm Lululemon Athletica; Brazil’s fashion and casual wear firm Resoque SA; German retail conglomerate Douglas Holding; teen retailer Five Below; women’s specialty chain Charlotte Russe; French women’s wear and leather goods firm Gerard Darel; and Mexico’s largest apparel discounter Milano.