Advent raises $560M Japanese fund

Buyout firm Advent International said it has raised $560 million for its first private equity fund in Japan.

The Boston-based firm, which opened its Tokyo office in 2001, will target companies with enterprise values from about $50 million to $500 million, but could be involved in larger deals through co-investment with other Advent funds, it said in a release.

Advent, with nine professionals in Tokyo, said it will target four main sectors: health and life sciences, industrial, retail and consumer and support services.

Private equity firms have spent $8.7 billion buying Japanese companies since the beginning of this year, down 19% from the same period last year, according to Thomson Reuters —Reuters