History
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and venture capital |
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Early history |
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Advent was originally founded in Boston, Massachusetts as a spin-out from TA Associates by Peter Brooke. Brooke had founded TA Associates in 1968 after having expanded the venture capital operations of TA's parent Tucker Anthony & R.L. Day. In 1985, Advent raised its first fund a $14m corporate venture capital program for Nabisco. In 1987, the firm raised the $225 million International Network Fund, its first institutional private equity fund. The firm raised its first European fund in 1989, the $231 million European Special Situations Fund and opened its London office.
Advent continued its expansion in the 1990s, opening offices in Frankfurt and Milan and merging with UK-based Trinity Capital Partners. In 1994, Advent completed fundraising for the first of its flagship series of funds Advent Global Private Equity (GPE) II with $415 million. In 1996, Advent expanded into Latin America raising a dedicated Advent Latin American Private Equity Fund and opening offices in Buenos Aires, Mexico City, and Sao Paulo.
Advent crossed the billion dollar mark in 1997, with the raising of the $1.2 billion Advent Global Private Equity (GPE) III and in the last few years of the 1990s, Advent raised additional sector funds focused on media and communications as well as healthcare & life sciences. Advent's founder, Peter Brooke, stepped down as the firm's CEO in 1996.
Through the 2000s, Advent's expansion accelerated as the firm raised additional funds for its various fund families and opening new offices in Europe and Asia. Advent's sixth Global Private Equity fund, raised in 2008 closed with €6.6 billion of investor commitments and the firm raised an additiona €1 billion for investments in central Europe.
Read more about this topic: Advent International
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