(Bloomberg) — Advent International is nearing the final close of a $26 billion buyout vehicle, raising one of the biggest pools of capital in the private equity industry, according to people familiar with the matter.
The Boston-based firm, which is majority owned by its partners, has been raising fresh funds for roughly 18 months and is now approaching the final close, the people said, asking not to be identified as the matter is still private.
Advent raised its last flagship fund in 2022 at $25 billion. A spokesperson for the buyout house declined to comment.
Advent, which is led by James Brocklebank and John Maldonado, is known for its focus on buyouts and has repeatedly raised some of the biggest pools of capital in the industry. The close is defying a malaise in the private equity sector.
Limited partners, from endowments to pension firms, have become increasingly selective when putting commitments to work. Private equity funds, in particular, have been under siege by investors to return capital and sell more companies, many of which were bought at lofty valuations.
That meant funds had to reconsider their fundraising plans or lower expectations for new funds as well as returns. Overpaying for companies has led to a massive backlog in the private equity industry on the exit side. Funds put deals on hold as sellers and buyers couldn’t agree on prices, especially for the funds the firms bought during the Covid buyout frenzy.
Advent, meanwhile, has done some of the biggest exits in the industry, including the sale of TK Elevator, alongside Cinven, to Kone Oyi for €29.4 billion ($34 billion) including debt. The buyout firm also took gas engine manufacturer Innio Holding GmbH public in a US IPO, as Innio joined a slew of industrial companies looking to tap the surge in data-center spending.
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