The Private Investment Funds team, led by partners David Watson and James Donohue, advised Advent International on the successful completion of its fundraising for Advent Global Technology which exceeded its $1.6 billion target and reached its hard cap of $2 billion after six months in the market. The debut of the new fund closely follows the completion of fundraising for Advent’s ninth global private equity fund, GPE IX, at the hard cap of $17.5 billion, bringing the firm’s total capital raised in 2019 to $19.5 billion. Goodwin also advised Advent on the fundraising for GPE IX.
Building on Advent’s deep technology roots, Advent Tech will continue to focus on growth-oriented companies in a variety of software and data subsectors. It will invest primarily in North America and Europe and selectively in other global markets where Advent has an established presence. Additionally, Advent Tech will broaden the range of transaction sizes Advent can pursue in the technology sector. The Fund will have the flexibility to make smaller investments—from $50 million of equity—in disruptive, high-growth emerging businesses. It will also co-invest with GPE IX in mid-sized to large technology companies, with the two funds together able to deploy up to $2 billion or more in a transaction.
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 345 private equity transactions in 41 countries, and as of June 30, 2019, had $54 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 195 investment professionals across North America, Europe, Latin America and Asia.
For more details on the fundraising, please read the press release.