Avance Eyes Increase of Debut Fund Cap to $1bn

Avance Investment Management, a private equity firm formed last year by executives who worked together at Palladium Equity Partners, wants to increase the upper fundraising limit on its debut vehicle to $1bn, according to Mark Evans, principal investment officer at the Connecticut Retirement Plans and Trust Funds.

The firm expects to request its limited partner advisory committee to increase the hard cap from $850m to $1bn.

The firm began marketing its debut fund in the midst of the coronavirus pandemic and was advised to set a lower target of $500m with an initial cap of $850m, Mr. Evans said.

Avance is a private equity firm guided by partnership, experience, diversity and growth. The team has over 80 years of collective private equity experience and a long history of partnering with founder-owned businesses, industry executives, and management teams to build dynamic businesses in the lower middle market across the U.S.

Source: Wall Street Journal