Advent International closed its latest fund — Advent Global Private Equity IX — at $17.5 billion, the fund's hard cap, Advent spokeswoman Kerry Golds confirmed in an email.
The fund was oversubscribed, above its $16 billion fundraising target, and closed after six months of fundraising. The firm's previous fund, Advent GPE VIII, raised $13 billion in 2016 and also was oversubscribed.
The fund will make the same strategy as Advent's eight previous GPE funds, investing in buyouts, recapitalizations and growth equity transactions, primarily in Europe and North America, although it may make some select investments in Asia and Latin America.
Investors in the fund include the $128.1 billion Washington State Investment Board, Olympia; the $94 billion Minnesota State Board of Investment, St. Paul; Oregon Investment Council, Tigard, on behalf of the $74.5 billion Oregon Public Employees Retirement System, Salem; the $55.8 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.; the $50.8 billion Tennessee Consolidated Retirement System, Nashville; the $29.1 billion Texas County & District Retirement System, Austin; the $24.5 billion New Mexico State Investment Council, Santa Fe; the $15.6 billion Ohio Police & Fire Pension Fund, Columbus; the $14.5 billion Maine Public Employees Retirement System, Augusta; the Providence-based Rhode Island State Investment Commission on behalf of the $8.1 billion Rhode Island Employees' Retirement System, Providence; and University of Houston System on behalf of its $683 million endowment.