Advent International, a global buyout manager, announced Thursday the closing of its $2.1 billion Advent Latin American Private Equity Fund VI.
The fund reached its hard cap after slightly less than six months on the market. The previous fund, Advent Latin American Private Equity Fund V, closed at $1.65 billion in 2010.
“Latin America continues to be an attractive region in which to invest,” Patrice Etlin, managing partner, said in a company news release. “It is a large, growing market with an expanding middle class, opportunities for productivity enhancement, a high degree of family ownership and limited competition from other financial sponsors relative to the size of the markets.”
Investors in the fund include the $104 billion Washington State Investment Board, Olympia; $28 billion Pennsylvania State Employees’ Retirement System, Harrisburg; $23 billion Texas County & District Retirement System, Austin; $20.1 billion San Francisco City & County Employees’ Retirement System; and $6.5 billion District of Columbia Retirement Board, Washington.
A phone call to Mr. Etlin was referred to Paul Ferrari, principal and head of marketing and public relations, who did not return a phone call by press time.