Advent Nears $200 Million For Central Europe Fund

Advent International was approaching a $200 million (ecu 182 million) close on its second Central and Eastern Europe Fund in June, said Nick Callinan, the group’s US-based managing director of emerging markets. The fund has closed on $125 million so far, holding an $82 million first close in December (EVCJ February/March 1998, page 3) and adding a further $43 million at a second closing in May. Investors include the Abu Dhabi Investment Authority, IBM Retirement Fund, International Finance Corp, Pantheon and PGGM of the Netherlands. Nick Callinan reported that the final closing will largely include US participants, some of whom are first-time investors with Advent.

Advent set a $150 million target when it launched the vehicle late last year.

Its previous fund offering for the region raised $125 million in 1994.

The new fund, which is targeting investments in the Czech Republic, Hungary, Poland, Croatia, Romania and Slovakia, will avoid start-ups and technology investments, concentrating on development and buyout opportunities and spin-outs from privatised companies in the region.