Advent International is nearing a final close on a $26bn flagship buyout fund, positioning it among the largest private equity vehicles raised globally in recent years, according to a report by Bloomberg citing unnamed people familiar with the matter.
The Boston-headquartered firm has been fundraising for around 18 months and is now approaching completion of the process, though no formal announcement has yet been made. Advent declined to comment on the development.
The new fund would slightly exceed the size of its prior flagship vehicle, which closed at $25bn in 2022, reinforcing the firm’s position among the largest global buyout managers. The fundraising is being led by Advent’s senior leadership team, including James Brocklebank and John Maldonado alongside other managing partners.
The close comes at a time when the broader private equity fundraising environment has been more challenging, with institutional investors becoming increasingly selective amid slower distributions and pressure to realise older investments. Many funds have faced delays in exiting portfolio companies purchased at elevated valuations during the recent buyout cycle.
Despite these headwinds, large-cap buyout managers have continued to secure significant commitments, with peers such as CVC Capital Partners and Clayton, Dubilier & Rice also previously raising €26bn and $26bn funds respectively.
Advent has remained active on both the investment and exit sides of the market. Recent notable transactions include the sale of TK Elevator, alongside Cinven, to Kone for €29.4bn including debt, as well as the public listing of gas engine manufacturer Innio Holding, which tapped equity markets amid rising demand tied to infrastructure and data centre expansion.
