Limited partners have reportedly confirmed that Advent International is fundraising for a $2bn Latin America-focused fund.
The vehicle will be the sixth in the series and one of the biggest to focus purely on the LatAm region, according to a source cited by PEHub.
Advent held the final close for the previous vehicle in the series on $1.65bn in 2010 and its fourth fund closed on $1.3bn in 2007.
Advent says its Latin American funds focus mainly on companies in Brazil, Mexico and Colombia and target high-growth sectors such as financial services, airport services, business services and education.
Its portfolio includes Brazilian private education company Kroton and funderal-services company Gayosso.
Mid-market firm Acon Investments closed its latest Latin American fund on $515m at the beginning of August.
Acon said that it has issued $150m worth of Mexican publicly-traded trust certificates, giving the fund total capital potential of more than $600m.
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