Portfolio Advisors Raises $1.5B For Third Secondaries Fund

Jan 23 2018 | 11:12pm ET

Private markets specialist Portfolio Advisors, LLC has raised $1.5 billion in capital commitments for its third private equity secondary fund, exceeding its target and hitting its hard cap.

The new fund, named the Portfolio Advisors Secondary Fund III, was oversubscribed and surpassed its original target of $1 billion, according to a statement. It will seek to acquire partnership interests in individual funds and/or portfolios of funds. 

PASF III is the largest fund closed to date for Portfolio Advisors, the company said. Limited partners in the new fund include global public and corporate pensions, labor union plans, endowments, foundations, family offices, and high net worth investors.

“We’re very pleased with the support we’ve received from new and existing limited partners,” said Hugh Perloff, head of secondary investments for Portfolio Advisors, in the statement. “We expect the fund to benefit directly from the strength and breadth of the Portfolio Advisors platform” 

PA has been purchasing secondaries since 2003, the statement continued. The company’s secondary funds capitalize on the general partner relationships established by the firm since its founding in 1994.

Headquartered in Darien, CT, Portfolio Advisors is a private markets investment specialist with more than $20 billion in assets under management. The company provides tailored private equity, private real estate and private credit investment solutions through commingled funds and custom advisory solutions via primary partnerships, secondary purchases, co-investments and direct mezzanine investments. 

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