Advent International closes buyout fund

Advent International closed its €1 billion ($1.58 billion) ACEE IV, a global buyout fund. ACEE IV will invest in Central and Eastern European companies requiring €30 million to €100 million in capital. The new fund is smaller than the last Advent global fund, the €6.6 billion GPE VI. Investors in the new fund include the $164 billion California State Teachers’ Retirement System, GIC Special Investments and AlpInvest Partners.