Advent International donates $7.1 million to support Massachusetts Covid-19 relief efforts
- Anchor donations include $1.5 million to the Massachusetts Covid-19 Relief Fund, $1 million to the Boston Resiliency Fund and $1 million to United Way and its Covid-19 Family Support Fund
- Also includes $3.6 million to 15 other Boston community organizations and state hospitals on the front lines of the pandemic
BOSTON, April 17, 2020 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has donated $7.1 million to support charitable organizations and institutions having a direct impact on coronavirus relief across Massachusetts.
The donations were made by The Advent Global Relief Fund, created to help meet the immediate needs of those most affected by the coronavirus pandemic in the regions around the world where Advent operates. The fund comprises an initial $25 million cornerstone commitment from Advent and its partners and is continually growing thanks to the generosity of the firm’s employees and the wider Advent community. It is focusing on healthcare and other front-line workers, vulnerable communities and the employees of Advent’s portfolio companies.
“During this unprecedented situation, we realize how important it is to support the communities in which we live and work,” said David Mussafer, a Managing Partner at Advent in Boston and Co-Chair of the firm’s global Executive Committee. “Boston has been the home of Advent International since our founding and now, more than ever, we feel it is our responsibility as a firm to help the organizations having a direct impact on the fight against Covid-19 in our own backyard.”
“The Massachusetts Covid-19 Relief Fund is grateful to Advent for stepping up in a huge way with an incredible $1.5 million gift to support our vulnerable neighbors in need across the state,” said Lauren Baker, First Lady of Massachusetts. “The Fund is honored to be among the many organizations supported by Advent to bring critical resources to communities throughout Massachusetts.”
Advent’s Massachusetts relief efforts also included more than $570,000 in donations from the firm’s Boston employees to the Boston Resiliency Fund and Boston Medical Center’s Emergency Social Services Fund.
The $7.1 million in funding has been allocated as follows:*
- $1.5 million to the Massachusetts Covid-19 Relief Fund, launched by First Lady Lauren Baker and many generous donors to support those across the state most impacted by the health crisis.
- $1 million to the Boston Resiliency Fund, the City of Boston’s formal effort to help coordinate fundraising and philanthropic efforts to provide essential services to Boston residents.
- $1 million to United Way of Massachusetts Bay and Merrimack Valley and its Covid-19 Family Support Fund, which is helping hourly, low-wage workers weather the losses from the pandemic.
- $2.6 million to nine other Boston community organizations providing support and services to those at the frontlines and vulnerable populations affected by the pandemic. The largest publicly disclosed donations include:
- $500,000 to The Greater Boston Food Bank, the largest hunger-relief organization in New England, to fund emergency meals for those in need;
- $450,000 to Off Their Plate/World Central Kitchen, two organizations working together to feed frontline healthcare professionals during this crisis;
- $350,000 to Boston Health Care for the Homeless Program, which provides integrated healthcare to a homeless population of more than 11,000; and
- $250,000 to Pine Street Inn’s Covid-19 Emergency Services Fund, designed to support actions being taken by New England’s largest homeless services provider to keep its staff, guests and tenants safe.
- $1 million to six hospitals and healthcare systems across Massachusetts that serve a high proportion of uninsured or underinsured, low-income and other vulnerable individuals:
* Certain organizations are not listed as the donations have not yet been made public.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of December 31, 2019, had $56.8 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit: www.adventinternational.com or www.linkedin.com/company/advent-international.