Advent Partners 2 Fund
Advent Partners is one of Australia’s longest-established private equity firms, founded in 1984 and based in Melbourne. The firm has operated continuously for more than 30 years, raising and managing multiple funds and investing in over 80 private businesses across Australia and New Zealand. Advent is recognised for its focus on partnering with management teams to accelerate growth, expand market reach and delivering sustainable value for portfolio companies.
Advent Partners specialises in the lower to mid-market growth and buyout segment, targeting profitable businesses with enterprise values between $30 million and $150 million and EBITDA of $5 million to $30 million. The firm typically invests into companies with low capital intensity, strong market positions and exposure to industries with structural growth tailwinds. Its sector focus spans healthcare, consumer-branded goods, proven technology and software, education and training and other leading-edge industries.
Advent Partners 2 Fund is a 2017 vintage fund with $300 million in investor commitments, raised to pursue lower to mid-market growth and buyout opportunities across Australia and New Zealand.
Portfolio Companies
At investment in January 2018, Silk Laser Clinics was a fast-growing provider of non-surgical aesthetics with 12 clinics across Australia, offering laser hair removal, cosmetic injections, skin rejuvenation and tattoo removal. The business was recognised for its affordable, medical-grade treatments and strong customer loyalty.
The thesis was to accelerate Silk’s growth by rolling out new clinics nationally, acquiring complementary networks such as The Laser Lounge and launching a proprietary skincare brand, AestheticsRx, to capture greater margin and build brand equity. Advent also aimed to establish Silk as one of the largest players in the fragmented non-surgical aesthetics sector.
Advent Partners 2 Fund exited via an ASX IPO in 2020, at $3.45 per share, implying an enterprise value of $162 million. At exit, Silk operated over 50 clinics nationally, had fully integrated its acquisitions and established itself as one of Australia’s largest aesthetics platforms.
At investment in November 2018, Compass Education was one of Australia’s leading providers of student information system (SIS) software, serving c.1,800 schools across Australia, New Zealand and Ireland. Its cloud-based SaaS platform offered a broad suite of tools, from attendance and reporting to wellbeing and payments.
The thesis was aimed at supporting Compass in scaling both domestically and internationally, leveraging its strong school relationships to roll out new modules, enhance product functionality and capture a growing share of the education software market. Offshore expansion was a key focus, with significant whitespace in global education systems.
Advent Partners 2 Fund sold Compass in 2025 to EQT for a media reported $700 million. At exit, Compass served more than 3,000 schools globally, had quadrupled its annual recurring revenue and expanded its platform to more than 40 integrated modules, cementing its position as a leading global EdTech provider.
At investment in October 2019, Mandoe was an Australian-founded provider of digital signage and customer engagement software, servicing enterprise and SME clients across retail, QSR and hospitality. Its platform enabled businesses to create and control dynamic signage and personalised content at scale.
The thesis is to support the transition of Mandoe from a founder-led business to a professionally scaled SaaS company, leveraging its strong blue-chip client base including McDonald’s, Domino’s, Caltex and David Jones, while expanding into international markets. The opportunity lay in the accelerating adoption of digital signage as businesses moved away from traditional formats.
Mandoe remains an active investment, with Advent focused on scaling SaaS revenue, expanding international reach and investing in product development.
At investment in June 2020, Medtech was a long-established provider of practice management software (PMS) across Australia and New Zealand, with c.18,000 users and a market-leading share of the New Zealand GP sector. Its software suite supported clinical workflows, administration, reminders and third-party integrations.
The thesis was to back Medtech’s transition from legacy platforms to its next-generation “Evolution” SaaS product, capturing customers upgrading to more modern cloud-based solutions. Advent also identified significant adjacencies across allied health, specialist practices and integrations with emerging digital health providers.
Advent Partners 2 Fund sold Medtech in 2024 to Banyan Software, a global software investor. At exit, Medtech had established “Evolution” as a modern SaaS platform and strengthened its leadership in mission-critical healthcare software across ANZ.
At investment in June 2020, Flintfox was a New Zealand-headquartered global leader in trade revenue management (TRM) software, with c.125,000 users across 24 countries and a strong partnership with Microsoft Dynamics. Its products enabled enterprises to manage pricing, rebates and trade spend.
The thesis was to scale Flintfox’s SaaS offering and international operations, capitalising on strong demand for automation and compliance in TRM. Advent saw an opportunity to strengthen Flintfox’s global positioning by investing in R&D, deepening its Microsoft partnership and expanding sales channels.
Advent Partners 2 Fund sold Flintfox in 2025 to Enable, San Francisco-based technology company. At exit, Flintfox had grown into a global leader in intelligent pricing, generating ~160% growth in subscription revenue, serving customers in 130 countries and operating in multiple languages.
At investment in 2021, Zero Latency was the global pioneer of multi-player free-roam virtual reality (FRVR), headquartered in Melbourne and operating across 50+ sites in more than 20 countries. Its technology combined premium hardware with proprietary software and exclusive content to deliver immersive experiences.
Advent’s thesis aims to accelerate Zero Latency’s global expansion at a time of rising consumer adoption of immersive entertainment, strengthen unit economics and build its position as the leading VR experiences company worldwide. Advent aims to support the business in refining site selection, enhancing marketing capability and building out its network.
Zero Latency remains an active investment, with Advent backing its continued international rollout and product development.
At investment in 2021, Imaging Associates was a leading independent diagnostic imaging provider in Victoria and regional New South Wales, with private practices in Box Hill, Mitcham, Tecoma, Baw Baw and Wagga Wagga, as well as two hospital reporting contracts.
The thesis aims to expand Imaging Associates’ clinic footprint, leverage the increasing demand for diagnostic imaging as a core element of healthcare and continue building its reputation for high-quality radiology services. Advent also sees opportunities to strengthen operational capability and grow hospital partnerships.
Imaging Associates remains an active investment, with Advent supporting growth in service lines and geographic expansion.
