Private equity firm Advent International is looking to raise a fund dedicated to investments across Asia, according to three sources familiar with the situation.

Plans are being worked out with a view to launch the vehicle in 2026 or 2027, two of the sources said. Discussions about an Asia-dedicated vehicle has been in the works for a year or more, the two sources added.

Advent, which has USD 93bn in assets under management, is currently in the market with two funds – its flagship GPE XI offering and Advent Global Technology III.

The GP, which was founded in Boston some 40 years ago, has been present in Hong Kong, Shanghai and Mumbai for more than a decade, and is in the process of building out its local teams in other Asian markets. Developed economies appear to be a focal point.

It may open an office in Japan as part of building a presence in that country, said a fourth source familiar with the matter.

This comes as other global private equity firms are growing their teams in Japan with a view to taking advantage of trends such as corporate divestments and take-privates. Advent itself has reportedly shown interest in Japanese internet security specialist Trend Micro recently.

Last year, the firm opened an office in Australia, recruiting Beau Dixon, previously a managing director at Anchorage Capital Partners, as country lead. This followed the USD 1bn acquisition of fashion brand Zimmerman in 2023, only the second direct Australia and New Zealand deal by Advent in four years.

In 2006, Advent raised a JPY 60bn (USD 400m) Japan mid-market fund, but it struggled to obtain sufficient applicable deal flow. The vehicle was wound up in 2011, having made no investments. This was part of a broader Japan exodus by global private equity players in the wake of the global financial crisis.

Meanwhile, Advent remains active in Greater China, which has historically represented less than 20% of deal flow in its flagship funds. Last year, the firm invested alongside Boyu Capital in Seek Pet Food and bought trade show business VNU Exhibitions Asia.

Advent declined to comment.