Advent International has closed its Latin American Private Equity Fund V with $1.65 billion in commitments. The fund will make $50 million to $200 million investments in control buyouts and expansion financings of Latin American companies with enterprise values of between $50 million and $750 million, with a particular focus on those in Mexico, Argentina and Brazil. Limited partners that committed to Fund V include the Washington State Investment Board ($100 million), Pennsylvania State Employees Retirement System ($15 million) and New Mexico Public Employees' Retirement Association ($20 million).