Private equity firm Portfolio Advisors (PA) has held a final close of $910m for its latest secondary fund.
LPs that backed the vehicle include private and public pension plans, university endowments, private foundations, insurance companies and family offices, the firm said in a statement.
Around 80 per cent of the commitments to Portfolio Advisors Secondary Fund II came from investors who had previously participated in the firm’s funds.
Since 2003, PA has completed private equity secondary deals totalling more than $2bn.
PA, which currently manages about $30bn of assets, usually invests between $2bn and $3bn a year for its clients.
It also serves as an administrator on more than $60 billion of private equity and real estate investments.
In November last year PA’s back office employees launched a new fund administration business.
Copyright © 2014 AltAssets