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The fund launched in coming days will be Advent's seventh for
Latin America and its largest for the region. Advent's last
Latin American fund reached $2.1 billion in commitments in 2014.
Advent declined to comment on the matter.
Advent has invested in companies in Brazil, Colombia, Argentina,
Chile, Mexico and Peru. The firm intends to close the
fund-raising by September, according to one of the sources, who
asked for anonymity because discussions are still private.
Advent's move underscores how long-term investors have not
soured on Latin America despite weaker growth and political
risks, betting on rebounding growth in coming years as the
International Monetary Fund forecasts.
One of Advent's largest bets in Latin America was the
acquisition of an 80 percent stake in the Brazilian operations
of Walmart Inc in June.
The world's biggest retailer did not receive payment for the
unit and took a non-cash charge of roughly $4.5 billion. Advent
agreed to invest 1.9 billion reais ($483 million) to turn around
the geographically sprawling and poorly integrated operations.
Advent, which had $36 billion in assets under management in
December, has raised more than $6 billion in private equity
funds for Latin America since 1996.
Its portfolio in Latin America also includes Argentine card
processor Prisma Medios de Pagos SA, Brazilian education company
Estácio Participações SA and Peruvian IT outsourcer Canvia.
(Reporting by Carolina Mandl; editing by Brad Haynes and Leslie
Adler)
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