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Fund News In Brief

European buyout shop 3i Group plc wants to launch a $500 million fund next year in Brazil, one new market still underpinning its turnaround plans as it retreats from Spain and Asia, Reuters reported. 3i has been on a drive to reboot its flagging performance since former banker Simon Borrows took over as chief executive earlier this year, and the group said it had already cut just over 100 jobs as it retrenches to its northern European roots.

U.S. buyout firm Advent International has raised €8.5 billion ($10.8 billion) for its latest fund, one of the largest pools of capital raised for buyouts since the financial crisis, Reuters reported. Advent, whose deals include buying RBS’s payment processing business WorldPay, raised more than the €7 billion it initially planned for in its seventh Global Private Equity Fund, making it the firm’s biggest fund since it was founded in 1984. The new fund cements Boston-based Advent’s position as one of the leading global buyouts firms and gives it capital to spend for the next five years on medium to large-sized companies worth between €200 million and €2 billion.

Southern Bridge Capital has closed its newest fund, the SBC Latin America Housing Fund, with $150 million in commitments. The firm will invest in low- and middle-income residential housing projects in Peru, Colombia, the Dominican Republic and the Republic of Panama. Southern Bridge Capital was formed in 2007.