Advent International has raised US$25 billion for GPE X, its 10th global private equity fund, after less than six months in the market. Its largest fundraise so far, GPE X brings the firm’s assets under management to over US$100 billion.

GPE X follows the US$4 billion raised by Advent Technology II, the firm’s second dedicated technology fund, in 2021.

According to Advent, GPE X will have the flexibility to deploy capital across geographies, sectors, deal types and sizes. It will maintain its predecessor funds’ focus on Europe and North America, while also continuing to build active local presence in Asia.

Andrew Li, managing director, head of Greater China, at Advent, comments: “We have been investing in the Asia region for 28 years and have deployed nearly US$5.9 billion to help grow and transform companies here. Coupled with our strong network of local operating partners and industry advisers who partner with us on new investment opportunities and portfolio companies, we will continue to share our industry expertise and best resources with innovative businesses and support their growth strategies in Asia.”

Advent says it has focused on value creation for its portfolio companies, and has helped to build several successful businesses in Greater China, including AI Dream, Bioduro-Sundia and GS Capsule.

The firm has invested close to 10 billion yuan (US$1.5 billion) in the region over the past 10 years focusing on healthcare, retail, consumer and business services sectors. “Our investment in this market has accelerated over the past three years, surpassing the aggregate investment amount in the prior seven years,” Li says. “At the same time, the size of our local team has more than doubled over this period.”

The firm plans to accelerate its investment activity  in Greater China and further increase its local team in the region over the next several years, he adds.