Global private equity giant Advent International has raised a mammoth €8.5bn for what is thought to be the biggest fund launched and closed since the financial crisis.
GPE VII will focus primarily on developed US and European markets according to the firm, which was originally targeting €7bn when it officially launched the fund just eight months ago.
It said the fund had been heavily subscribed by existing LPs as well as picking up commitments from new investors.
Advent sealed its first deal through the fund in August by picking up a majority stake in the parent company of two of the world’s largest mattress manufacturers, AOT Bedding Super Holdings.
The purchase, which valued the company at about $3bn, was made following Advent hitting a €5.8bn first close for GPE VII a month earlier.
Advent managing partners David Mussafer said, “We are very pleased with the strong reception that Advent GPE VII has received in a highly competitive and demanding private equity fundraising environment.
“Our success is the result of our partnership approach, singular focus on private equity and the hard work of our investment professionals, management teams, operating partners and loyal limited partners.”
The Boston-based firm has also agreed deals for Danish IT services company KMD and the coating resins business of Cytec Industries.
KMD, which the firm bought from fellow buyout house EQT and pension fund ATP, will become Advent’s only Danish portfolio company following its exit of broadband internet and data services provider Cybercity to Telenor in 2005.
GPE’s investment team boasts more than 100 investment professionals spread across operations, strategic consulting and finance, making it one of the biggest and most experienced in the world.
The firm said it also plans to open a new office in Shanghai, extending its global reach to 17 countries.
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