Advent Said to Hit $20 Billion Milestone in Flagship Fundraising

Buyout firm Advent has raised $20 billion for its flagship fund since the start of the year, defying a challenging fundraising environment, according to people familiar with the matter.

The private equity firm recently told investors it had hit the $20 billion milestone, the people said, asking not to be identified discussing confidential information. Advent is targeting a size in the mid-$20 billion range for the new fund, with a close planned for early next year, they said.