Private equity firm RCP Advisors’ second secondaries fund has reportedly hit its hard cap.
The Chicago-based firm has closed the fund on $425m, said PEI.
RCP was initially seeking $300 for its Secondary Opportunity Fund II and subsequently lifted the target to $400m.
The firm is focused exclusively on North American lower middle market buyout funds. It said on its website that half of its secondary purchase volume is either sourced proprietarily through GPs or is in partnerships in which RCP’s primary funds are already an existing investor.
“RCP believes that its information and access advantages along with its bottom-up underwriting process give it a number of important advantages as a secondary investor,” said the firm.
“RCP’s focus on smaller secondary purchases in smaller funds allows RCP to find significant value in a market that may be too small or opaque for larger competitors.”
Since its launch in 2001 RCP has made more than 130 partnership investments with over 80 general partners. The firm currently has $3bn of committed capital under management.
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