ADVENT INTERNATIONAL, L.P.

Advent International LP's $4.24 billion March 2026 13F -- filed on May 15 -- tells the story of a major private-equity firm (one of the worlds largest buyout operators, best known for acquiring companies like Brammer Bio, CeramTec, and countless middle-market industrial and healthcare names) managing a public-equity sleeve that experienced one of the more severe single-quarter AUM compressions the coverage universe has produced in recent filing cycles: the portfolio dropped from $4.83 billion at year-end 2025 to $4.24 billion at March 31 2026, a $586 million decline driven almost entirely by three positions -- NIQ Global Intelligence PLC (a loss-ridden data-analytics company Advent backed through IPO at $407M year-end that shed $764M in value to $1.70B at quarter-end), olaplex Holdings (the hair-care company that Advent acquired in a 2020 LBO and then took public, down 33% in Q1 from $669M to $1.01B), and Blue Owl Capital (decreased 99.6% in shares from 6.7M to effectively zero, realizing $996M in proceeds to deploy elsewhere). Beyond these three major compression events, the portfolio was in fact net-active: eight new positions opened (Waystar, CI&T, Baker Hughes, Carpenter Technology, Solaris Energy Infras, AMD, Vistra, Definitive Healthcare), two positions were fully sold out (Definitive Healthcare appears to have been entered and exited within the same quarter, opening at $77M and closing at $0 -- an $180M realized loss on a new-ventures experiment, and Equitable Holdings was sold for $475K), and five positions were substantially increased -- Ares Management (up 9,353% in shares from 4,535 to 428,720, a $46M addition that is the most aggressive portfolio-level tilt in the filing), GFL Environmental (up 117% in shares for $18M more), Synopsys (up 169% in shares, $15.5M more), TransDigm (up 167% in shares, $11.5M more), and Intuit (up 332% in shares, $6.4M more). The overall structure of the filing -- a few very large legacy PE-backed public positions (NIQ and OLAPLEX at 40% and 24% of the portfolio respectively), a technology infrastructure sleeve with semiconductors (TSM, AMD, Marvell), software (Workday, Dynatrace, Datadog), and EDA (Synopsys), plus industrial and energy (Carpenter Technology, NCS Multistage, Baker Hughes, Solaris Energy, Group 1 Automotive, Lithia) -- reflects a PE firm thinking in terms of operational improvement and equity-roll-driven legacy positions rather than conventional fundamental-compounder selection.