Advent International, the global private equity firm, announced the final close of its Latin American Private Equity Fund V (“LAPEF V”) at $1.65bn.
LAPEF V, which was oversubscribed, is the largest private equity fund ever raised for Latin America. In the region, the firm has a team which comprised 33 investment professionals and 46 employees overall, working out of three offices in Sao Paulo, Mexico City and Buenos Aires.
Continuing the strategy of its predecessor funds, LAPEF V will focus on control buyouts and expansion financings of companies across the region, investing mainly in Brazil, Mexico and Argentina.
The fund will target high-growth sectors in which Advent has deep expertise, including financial services, airport services, business services, retail/consumer and education.
The typical equity investment will be $50 million to $200 million in companies with enterprise values between $50 million and $750 million.
In line with Advent’s global approach, the LAPEF team will seek to drive revenue and profit growth in portfolio companies through operational improvements, strategic repositioning and market expansion, both domestically and internationally.
A total of 51 investors participated in LAPEF V, including public pension funds, endowments and foundations, funds of funds, sovereign wealth funds, other financial institutions, corporate pension funds and family offices.
Geographically, 56% of the capital was raised from North American investors, 25% from European investors and 19% from institutions in the Middle East, Asia, Latin America and Africa.