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Laxman Pai, Opalesque Asia: U.S. private equity firm Advent International closed its latest fund, Advent Latin American Private Equity Fund VII (LAPEF VII), at $2 billion.
The global private equity investor said in a news release that it has raised a total of $22 billion in private equity capital across its strategies in the past 16 months.
LAPEF VII is 4.8% smaller than its predecessor, the $2.1 billion Advent Latin American Private Equity Fund VI, which closed in 2014 and was at the time the largest private equity fund ever raised for the region.
A broad base of institutional investors participated in LAPEF VII, including public and corporate pension funds, endowments and foundations, funds of funds, sovereign wealth funds, family offices, and other financial institutions. The majority of the capital came from limited partners in LAPEF VI, with Advent admitting a select number of new strategic investors into the Fund as well.
Investors in the latest fund include California State Teachers' Retirement System, West Sacramento; Washington State Investment Board, Olympia; Oregon Public Employees Retirement Fund, Tigard; Michigan Retirement Systems, East Lansing; Alaska Permanent Fund Corp., Juneau; University of Michigan, Ann Arbor; and District of Columbia Retirement Board.
"LAPEF VII is a testament to our strong track record in Latin America, established over six generations of funds and several economic and private equity cycles," said Patrice Etlin...................... To view our full article Click here
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