Advent International has raised $25 billion for the second biggest private equity fund on record.
The fund — Advent International GPE X LP — drew commitments from pension funds, sovereign wealth funds, endowments and high-net-worth individuals while boosting the firm’s assets under management to over $100 billion. The vehicle reached its hard cap, or the maximum amount Advent wanted to raise.
The pool will be the second largest fund ever, behind a $26 billion vehicle Blackstone raised in 2019, according to data compiled by Bloomberg.
Advent’s new fund is roughly 40% larger than its $17.5 billion predecessor vehicle, which was raised in 2019. Bloomberg reported last year that Advent was targeting a $25 billion fund.
Read more: BNN Bloomberg
