Advent International closed Advent International GPE V at $3.3 billion, said Beverly Berman, partner. The fund's target was $2.28 billion, up slightly from the firm's last fund, the $1.9 billion GPE IV, raised in 2001. Executives began fundraising for GPE V in December and the fund was fully committed by January, Ms. Berman said.
Investors in the fund include the $182.8 billion California Public Employees' Retirement System, Sacramento; $48 billion State of Michigan Retirement Systems, Lansing; C$77.2 billion (US$ 61.3 billion) Canada Pension Plan Investment Board, Toronto; aMichigan Retirement Systems, Lansing; C$77.2 billion (US$ 61.3 billion) Canada Pension Plan Investment Board, Toronto; and GIC Special Investments.