Advent International had a goal of raising $3 billion through a fundraising opportunity called Advent Global Technology II, but the company went above and beyond and beat that total by a full billion dollars, raising $4 billion after six months in the market.
According to a release, the fund is double the size of Advent Tech, which came before this fundraising endeavor. Advent Tech invested in 20 software, data and cybersecurity companies since its launch in 2019. Advent II followed the same strategy and will back companies focused on high growth acceleration and transformation opportunities.
“We launched Advent Tech two years ago to bring the power of Advent to tech investing,” 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 International will invest mostly in North America and Europe, and the fund will be implemented by a team of 27 technology specialists in Palo Alto, California; New York; Boston; and London.
According to the release, Advent Tech II had commitments from a group of investors from all around the world including public pension funds, endowments, foundations, family offices, sovereign wealth funds, funds of funds, insurance companies and corporate pension funds. It added that 90% of the capital came from an Advent’s investor base.
Advent International was founded in 1984 and is one of the largest global private equity investors. It has invested in 380 companies in 42 countries and had $81 billion in assets. It focuses on investments in business and financial services; healthcare; industrial; retail; consumer and leisure; and technology.
“Our 30-year history of investing in multiple industries gives us the knowledge and relationships to help tech companies disrupt their markets,” James Brocklebank, managing partner and co-chair of Advent’s executive committee, said. “At the same time, our tech team provides us with greater visibility on disruption in all of our sectors and improves our ability to apply technology-driven value creation plans in our portfolio companies worldwide.”