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Advent closes $550m Japan fund 10/09/2008. Source: AltAssets. 
 Mid-market buy-out firm Advent International has closed its first Japanese private equity fund, Advent Japan Private Equity Fund, on its target of ¥60bn ($550m).
Investors in the fund include institutions from North America and Europe (comprising 46 per cent), Japan (23 per cent) and Asia (31 per cent).
Advent expects to build a focused portfolio of between seven and 15 mid-market investments, targeting four main sectors: healthcare and life sciences, industrial, retail and consumer and support services.
The fund will focus on companies with enterprise values ranging from ¥5bn ($45m) to ¥50bn ($450m), but will also have the flexibility to invest in larger transactions through co-investment with other Advent funds, according to the firm.
John Singer, managing partner, Advent, said, 'Advent has a long-standing involvement with the Japanese market, developed over 20 years. We now believe that the time is right to start direct investment. Not only has the private equity industry in Japan shifted from its initial focus on distressed situations and balance sheet restructuring to real, operationally-led value creation, but Japanese businesses have fundamentally embraced the need for enhanced global competitiveness in order to achieve long-term profit growth.
'We believe that our new fund is genuinely differentiated, combining a local Japanese team with significant industrial and operational experience, a sector-focused investment strategy and a high level of operating input supported by a global platform and resources,' he added.
Earlier this week Advent acquired Brazilian home improvement retailer Quero-Quero. The firm also completed its first deal in the Dominican Republic with the acquisition of airport operator Aeropuertos Dominicanos Siglo XXI.
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