Advent International closed its latest fund, Advent Latin American Private Equity Fund VII, at $2 billion, a news release said.
The firm has raised a total of $22 billion in private equity capital across its strategies in the past 16 months
The new fund is 4.8% smaller than its predecessor, the $2.1 billion Advent Latin American Private Equity Fund VI, which closed in 2014 and was at the time the largest private equity fund ever raised for the region.
Most of the capital raised was from limited partners in Advent's sixth Latin America private equity fund. Investors in the latest fund include the $262.5 billion California State Teachers' Retirement System, West Sacramento; $145.4 billion Washington State Investment Board, Olympia; $75.3 billion Oregon Public Employees Retirement Fund, Tigard; $72.2 billion Michigan Retirement Systems, East Lansing; $65.4 billion Alaska Permanent Fund Corp., Juneau; $12.3 billion University of Michigan, Ann Arbor; and $8.5 billion District of Columbia Retirement Board.