Australian private equity firm Advent Partners plans to launch its latest mid-market buyout fund in 4Q25, according to two sources familiar with the situation.

The manager has briefed certain existing LPs on its plans and sought to gauge initial interest, the first source said. The target will be AUD 600m-AUD 700m (USD 391m-USD 456m) fund, the second source added. Both sources said the data room for the fundraise would launch in 4Q.

The new fund, Advent Partners 4, will be the firm’s ninth. It reset to Fund I after a leadership transition in 2010, and proceeded to raise AUD 185m, AUD 300m, and AUD 410m across three vintages. The most recent of these closed in 2022, with two-thirds of the capital coming from domestic LPs.

Healthcare and technology will be the primary focus of the new fund, with these sectors making up at least 60% of the overall corpus, the first source said.

This is in keeping with a trend that emerged in the early 2010s, which has resulted in healthcare and technology accounting for about three-quarters of assets under management. Advent simply doubled down on its best-performing sectors, the firm told AVCJ earlier this year.

According to the firm’s website, target companies should have enterprise values of AUD 30m-AUD 200m with at least AUD 4m in annual operating profit. The PE firm typically invests in founder-led companies and makes equity commitments of AUD 15m to AUD 100m, taking ownership positions of 40% to 90%.

Advent Partners 3 portfolio companies include RMS Cloud, a cloud-based property management software business, Social Pinpoint, a software-as-a-service (SaaS) provider focused on community engagement, and Integrated Control Technology, which supplies smart building technology.

Advent announced the sale of Compass Education, a school management software platform, to EQT in January for an undisclosed amount, according to a press release. It invested in the company in 2018 via Advent Partners 2.

Advent declined to comment.