Advent International, a Boston private equity firm, has raised a $10.8 billion buyout fund, the largest of its kind launched since the 2008 financial crisis. The fund will invest in mid-size buyout deals. It raised about half the money from large investors in North America; the other half came from Europe, Asia, and the Middle East, said managing partner David Mussafer.
It took eight months to raise the money, which Mussafer called a success, given “There’s a belief that, overall, the available capital for private equity is down 50 percent.”
In late 2008 not only did markets dive, but institutional investors cut back their private equity commitments in order to raise cash. Many investors have been conservative since then, staying as liquid as possible and trimming holdings in longer-term investments.
The fund will focus primarily on deals in North America and Western Europe. Of five deals the fund has completed, four are in Europe, where there are bargains, said Peter Brooke, Advent’s founder and a private equity pioneer in Boston. Advent has also opened a Shanghai office. In all, it has 380 employees.