Advent Private Capital closes sixth fund on $200m


australian dollarAustralian private equity firm Advent Private Capital has collected A$200m ($183.7m) for its sixth fund, falling well short of its original target.

The firm was initially looking to raise A$400m for the fund and held a first close of  A$100m in 2011.

The fund is also smaller than the $300m fifth vehicle raised in 2006.

“Advent 6 has secured the support of all of the key active Australian private equity advisors and fund-of-funds, together with several prominent international fund-of-funds and pension funds,” Advent managing director Rupert Harrington told the AVCJ.

“This is the first time Advent marketed its funds offshore, and approximately 50 per cent of commitments have been made by overseas investors.”

The Melbourne-based firm invests A$5m to A$60 per company, targeting businesses with enterprise values of A$20m to A$150m with profits of over A$5m.

Earlier this year Advent made a return of 2.5 times from the sale of perforated metal manufacturer Locker Group.

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