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ADV Partners raises $545 million for maiden Asia focused PE fund

ADV was co-founded in 2013 by Mount Kellet Capital's India head Suresh Prabhala along with Brad Landes and Jianyi Zhu, who also worked at the investment firm.

, ET Bureau|
Updated: Sep 21, 2015, 10.19 PM IST
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ADV was co-founded in 2013 by Mount Kellet Capital's India head Suresh Prabhala along with Brad Landes and Jianyi Zhu, who also worked at the investment firm
ADV was co-founded in 2013 by Mount Kellet Capital's India head Suresh Prabhala along with Brad Landes and Jianyi Zhu, who also worked at the investment firm
ADV Partners, founded by former executives at Asia focused investment firm Mount Kellett Capital Management, has raised $545 million for its maiden fund to invest primarily in India and China. The new fund, called ADV Opportunities Fund I, L.P. which was initially targeting $500 million, will also opportunitically invest in Southeast Asia and developed Asia/Australia.

ADV was co-founded in 2013 by Mount Kellet Capital's India head Suresh Prabhala along with Brad Landes and Jianyi Zhu, who also worked at the investment firm.

Mount Kellett had picked up stakes in a slew of listed companies like Jain Irrigation, Educomp Solutions and Future Group. In 2011, Mount Kellett Capital along with TVS Capital and India Venture Advisors bought 51% stake in pharma chain MedPlus for Rs 410 crore. Mount Kellett, which shut down India office earlier this year, was set up by former executives of Goldman Sachs in 2008 and focused on special situation and opportunistic investment deals.

ADV currently has offices in Hong Kong, Singapore, Shanghai and Mumbai. The firms Mumbai office includes several Manoj Sehrawat, former vice president at JP Morgan's special opportunities group, as a managing director.

"The newly-closed fund employs a value investment approach to private equity and looks to partner with entrepreneurs and management teams of mid-market companies across a range of industries," said a statement.

The new fund's limited partners (LPs), or investors include a sovereign wealth fund, a superannuation fund, multiple US state pension programs, fund of funds, endowments and family offices. It has already committed around 30% of the corpus primarily in China.

"We worked hand-in-hand with the ADV team on the fundraise and are very proud of the outcome given 2014 and 2015 have been challenging fundraising years," said Chris Lerner, Partner and Asia head at Eaton, which helped the firm raise the fund.





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