MUMBAI: US based private equity (PE) firm Advent International has completed raising funds for its ninth global private equity fund, Global Private Equity (GPE) IX, with commitments of $17.5 billion, exceeding the earlier target of $16 billion, said a company statement.

Advent’s previous global fund, GPE VIII, closed on $13 billion in 2016.

GPE IX will pursue the same strategy as Advent’s eight prior GPE funds, investing in buyout, corporate carve-out, public-to-private and growth equity transactions, primarily in Europe and North America and selectively in Asia and Latin America.

The fund will continue to focus on five core industries such as business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom.

“We are pleased with the strong support GPE IX received from both existing and new investors,” said David Mussafer, a Managing Partner at Advent in Boston. GPE IX saw significant demand from Advent’s existing investors, with more than 90% of the Fund’s commitments coming from limited partners in prior Advent funds, said the statement.

“We appreciate the continued support from our diverse base of institutional investors and are delighted to welcome select new investors to the GPE program,” said Johanna Barr, Managing Director and Global Co-Head of Limited Partner Services at Advent in London.

Advent’s GPE program has successfully executed investments and exits over multiple generations of funds and several economic and private equity cycles. Since 1990, the program has invested in 258 private equity transactions spanning 31 countries and fully or substantially realized 213 of those investments.

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Across all of its funds, Advent has invested $44 billion in more than 345 private equity transactions in 41 countries. The firm’s current portfolio companies generated $50 billion in annual revenue.

Advent International has been investing in India for 11 years and opened a Mumbai office in 2009.

The latest transaction by Advent in India is the acquisition of Manjushree Technopack Ltd., India’s largest rigid plastic packaging solution provider. In October, Advent acquired Manjushree from Kedaara Capital, the home-grown domestic private equity investor and the founding promoters Kedia family.

Including Manjushree, Advent has invested about $1 billion in seven companies with headquarters or operations in India. Recent investments include Dixcy Textiles, a leading innerwear brand; ASK Group, a wealth and investment management business; QuEST, a global engineering solutions provider; and Crompton Greaves Consumer Electricals- supplier of consumer electrical goods, lighting and lighting automation systems.

A number of global buyout funds have been on fundraising mode with a focus on Asian markets, especially India as the investment opportunities in India remains high for the last couple of years. Private equity investments in India witnessed a record high with $35 billion worth investments in 2018, compared with $26.1 billion in 2017, according to EY report.

In February, TPG Capital had closed its seventh Asia-focused fund with commitments of over $4.6 billion with proposed investments in China and India. In June 2018, The Carlyle Group, had raised its fifth Asia buyout fund Carlyle Asia Partners V at $6.55 billion.

In 2018, US based Blackstone Group had completed fundraising for two of its Asian funds at $9.4 billion for real estate and private equity while KKR & Co had closed KKR Asian Fund III, a $9.3 billion fund focused on investments in private equity transactions across the Asia Pacific region in 2017.

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