ADV Partners has closed its first fund, ADV Opportunities Fund I LP valued at $545 million, exceeding the initial target raise of $500 million. ADV is backed by Asia Alternatives Management LLC and also has investors that include a sovereign wealth fund, U.S. state pension funds and family offices. The firm says it has already deployed about 30 percent of the funds.
The firm was founded in 2013 by Brad Landes, Suresh Prabhala and Kianyi Zhu. The trio are former colleagues at Mount Kellet Capital and also held roles at the Asian investment arms of JPMorgan Chase & Co. (NYSE: JPM) and Goldman Sachs & Co. (NYSE: GS).