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Laxman Pai, Opalesque Asia: Advent International has held a final close for Advent Global Technology Fund II (Advent Tech II) on its hard-cap of $4bn, surpassing its target of $3bn by 33%.
The Boston-headquartered private equity firm said in a press release that the new fund is double the size of its predecessor, Advent Tech, which has invested in 20 software, data, and cybersecurity companies since its launch in 2019.
"Following the same strategy as the prior fund, Advent Tech II will back innovative companies led by visionary management teams, focusing on high-growth acceleration and complex transformation opportunities," the release said.
Advent Tech II will invest mainly in North America and Europe and selectively in other global markets where Advent has an established presence. A dedicated team of 27 tech specialists based in Palo Alto, New York, Boston, and London will deploy the new fund, it said.
Bryan Taylor, Managing Partner and head of Advent's technology team said: "The strong support from existing and new investors in our second fund is a validation of our strategy and approach. With our global reach, deep cross-sector network, and vast ecosystem of company-building resources, we believe we're ideally positioned to help businesses innovate and grow at scale."
Advent has already closed or signed four investments for Advent Tech II. It co-led an investor group that agreed to acquire McAfee Corp., a global leader in online protection, for...................... To view our full article Click here
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