Private markets asset manager Portfolio Advisors has closed its third private equity secondary fund, Portfolio Advisors Secondary Fund III LP (PASF III), with $1.5 billion in limited partner commitments. This is the largest fund ever closed by Portfolio Advisors.
The new fund, which had an original target of $1 billion, was oversubscribed and closed at its hard cap. A significant portion of PASF III’s capital was committed by limited partners who had previously invested in one or more of Portfolio Advisors’ existing funds. PASF III has institutional limited partners from across the US and other regions, including Canada, South America and Europe. Limited partners include public and corporate pensions, labor union plans, endowments and foundations, and family offices, as well as high net worth investors.
“We’re very pleased with the support we’ve received from new and existing limited partners,” said Hugh Perloff, Managing Director and Head of Secondary Investments. “We expect the fund to benefit directly from the strength and breadth of the Portfolio Advisors platform.”
Like earlier funds, PASF III will acquire partnership interests in individual funds and/or portfolios of funds, managed by general partners. Portfolio Advisors has been purchasing secondary private equity interests since 2003.
Portfolio Advisors is headquartered in Darien, CT and now has more than $20 billion in assets under management. The firm was founded in 1994 and has additional offices in Switzerland and Hong Kong (www.portad.com).
© 2018 Private Equity Professional | January 24, 2018