Advent International has secured $20bn for its latest flagship buyout fund, marking a major milestone as the firm pushes toward a final close in the mid-$20bn range early next year, according to people familiar with the matter cited by Bloomberg.

The raise comes at a time when many private equity managers are struggling to secure capital, as a subdued deal environment slows distributions to LPs. Despite these headwinds, Advent has attracted significant investor demand, underscoring continued appetite for large-scale buyout strategies.

The Boston-based firm remains focused on its core leveraged buyout model, resisting the broader industry trend of expanding into credit and infrastructure. Instead, Advent is exploring complementary strategies within private equity, including a potential $3bn-plus mid-market vehicle targeting smaller transactions.

Advent previously raised $25bn in 2022 for its largest-ever fund. Its peers have also attracted record sums, with CVC Capital Partners gathering €26bn ($30.6bn) last year and Clayton Dubilier & Rice raising $26bn. Yet fundraising of this scale has become increasingly rare, with fewer $20bn-plus funds closing in today’s environment.

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