ADVENT INTERNATIONAL, L.P.

The $986 million Blue Owl Capital liquidation is the most strategically interesting trade in the filing. Blue Owl Capital Corp, a listed business-development company (BDC) vehicle that Advent International itself co-founded through the merger of Iconiq Capital and Oak Hill Advisors BDC vehicles, had been the portfolios second-largest holding at 8.1% of assets and $500M at year-end. The 99.6% reduction -- from 6.69 million to essentially 29,675 shares worth $271K in Q1 -- represents approximately $996 million in realized proceeds that Advent redeployed into new positions across the filing. The liquidation appears deliberate, not reactive: Blue Owls own stock declined in a rising-rate environment in Q1, and Advent as a major shareholder may have decided to reallocate its public equity exposure away from a name where the PE firm had ceased active involvement or where the valuation no longer matched the new-positions Advent wanted to open. Where that $996M was redeployed is instructive: the Ares Management increase ($46M new), the GFL Environmental increase ($18M), the Synopsys increase ($15.5M), the TransDigm increase ($11.5M), and the new positions in Waystar, Baker Hughes, Carpenter Technology, Solaris Energy, AMD, Vistra, Definitive Healthcare, and CI&T collectively absorbed only a fraction of the Blue Owl proceeds; the remaining balance likely moved into the NIQ and OLAPLEX positions as those declined -- Advent appears to have been a buyer of its own legacy PE-backed positions into Q1 weakness, a strategy consistent with the long-horizon perspective of a major PE firm that can write bigger checks when portfolio-company stocks decline.

The new positions cluster into three thematic buckets: healthcare analytics (Waystar at $267M new plus Definitive Healthcare at $77M new, sold immediately after opening -- an 92-day experiment), energy-infrastructure-and-petrochemicals (Baker Hughes at $72M, Carpenter Technology at $93M, Solaris Energy Infras at $70M), and semiconductors-and-technology infrastructure (AMD at $50M, TSM reduced marginally at $116M post-divestment, plus continuing positions in Synopsys and Workday). Waystar is a Nashville-based healthcare revenue-cycle-management platform whose software connects healthcare providers with payers for claim submission, eligibility verification, and payment-reconciliation workflows, automating a manual-and-error-prone process that has historically consumed 10-15% of U.S. healthcare dollars in administrative overhead. Advent entered Waystar at $267M and 11.1 million shares, the portfolios fifth-largest new position. Definitive Healthcare entered at $77M and was apparently liquidated almost immediately -- the combination of new-entry and exit in the same filing period is unusual and likely reflects either a third-party index-rebalancing obligation or a decision to switch to a similar name (Waystar) in the same sub-sector. Baker Hughes at $72M is a new entry in the oilfield-services cluster that Advent has held in prior periods through indirect exposure and that the firm is accessing directly; the $72M commitment is small relative to the fund but is strategically linked to Advent-owned energy-infrastructure portfolio companies that use Baker Hughes equipment and services. Carpenter Technology at $93M (a 30.6% reduction from its prior $107M allocation) and Solaris Energy at $70M enter the portfolio as metallurgical-and-energy-infrastructure names that fit the industrial-materials special-situations profile Advent has employed for decades. AMD at $50M is the portfolio's semiconductor visibility, and TSM at $116M (down 14.7% in shares but still the 6th-largest position) maintains the Taiwan-and-Asia-semicap exposure that Advent has held through prior periods.