International private equity firm Advent International has closed its new fund, Digital Media & Communications III, at $345m. Its original target was $300m.
Andrew Fillat, managing director of Advent’s global venture capital activities, said: “We are especially pleased at the high level of participation in DMC III by corporate strategic investors. They are leading players in the fund’s target sectors and add significant value through potential strategic relationships with our portfolio companies.”
The corporate investors include: Hughes Electronics Corporation; Mastercard International Incorporated; Telecom New Zealand and Tyco Ventures, the venture capital arm of Tyco International Ltd.
DMC III has already begun investing. It focuses on Western European and US companies but will consider investments in Israel and other locations where Advent has a local presence, targeting opportunities where it can lead the investment and play an active role on the board of directors.
With this latest fund, Advent International manages over $750m for corporate investors around the world. It has more than $4.5bn under management and has offices in 16 countries.