Advent International has set its sights on local private equity rainmakers to set up its first Australian office, the latest sign that global buyout giants are ready to transact after a tepid year for private equity-backed mergers and acquisitions.

The Boston-headquartered investor’s local tilt follows its acquisition of Sydney fashion brand Zimmermann last August – the sole Australian asset in its portfolio. Advent’s decision to consider setting up a beachhead comes as private equity firms look to reposition their Asia-Pacific portfolios toward more Australian and Indian companies, and shrink their exposure to Chinese buyouts.