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Laxman Pai, Opalesque Asia: U.S. private equity firm Advent International closed Advent Global Technology, the inaugural technology-focused companion fund to its Global Private Equity (GPE) program, at $2 billion.
The buyout fund closed at its hard cap, well exceeding its $1.6 billion fundraising target.
The PE investor said the fund, Advent Global Technology (Advent Tech), will invest in companies in the software and data sectors, primarily in North America and Europe.
The debut of the new fund closely follows the completion of fundraising for Advent's ninth global private equity fund, GPE IX, at the hard cap of $17.5 billion, bringing the firm's total capital raised in 2019 to $19.5 billion.
In conjunction with the formation of Advent Tech, Advent has opened an office in Palo Alto, California.
The firm has also expanded its technology investment team by more than 50% in recent months with the addition of seven professionals, including the previously announced appointment of Bryan Taylor as global head of the team.
The new recruits bring the total number of technology professionals to 20-located in Palo Alto, New York and London-with plans to further grow the group to more than 25 people in the next 12 months.
The team will source, execute and manage technology investments globally for both Advent Tech and GPE IX.
"Advent has a long history of technology investing, and the new fund, office and expanded team represent a deepening of ou...................... To view our full article Click here
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