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).
ADV, with headquarters in Hong Kong, will focus on investing $25 million to $75 million in middle-market companies across multiple industries in Asia and India. According to the firm's websites, initial investments include: A provider of patented functional nano-coating for the consumer electronics, life science and apparel sectors; A low cost furniture OEM exporter in China; and a Chinese data storage provider.
Eaton Partners served as ADV’s placement agent.