Private equity is currently facing an exit crisis, impacting fundraising for firms unable to return capital to limited partners. Newer managers, like Avance Investment Management, which formed in 2020, are less affected due to their focus on future exit visibility. Avance is targeting $1 billion for its second fund, having secured a $175 million commitment from Connecticut Retirement Plan. The firm has made control investments in Hispanic-led businesses, managing around $1.4 billion in assets. Avance’s first fund achieved notable exits, with a 2x return and high IRR, positioning it favorably despite a challenging fundraising environment.