Advent International has raised $20bn for its latest flagship buyout fund, putting the firm on course for one of the largest private equity pools currently in the market despite a muted fundraising backdrop, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the Boston-headquartered buyout giant is targeting a final close in the mid-$20bn range early next year. Advent told investors in recent weeks it had reached the $20bn milestone, the people said.
Unlike peers that have diversified into private credit or infrastructure, Advent is sticking to its core strategy of leveraged buyouts. The firm is also weighing a separate mid-market vehicle, expected to raise more than $3bn, as it looks to broaden its reach within the buyout space.
Advent closed its previous flagship on $25bn in 2022, at the time its largest ever. Since then, only a handful of managers – including CVC Capital Partners, which last year raised €26bn, and Clayton Dubilier & Rice with $26bn – have surpassed that level.
