Advent International, the US private equity firm, will today close its third Latin American fund, raising $375m (€315m) in its largest commitment to the region to date.

The war chest is the biggest to target the region since the currency crisis in Brazil six years ago. In July 2002, Advent, which has three offices in the region, raised $265m for its second fund, having garnered $245m for the first in 1996.