Portfolio Advisors raises more than $450m for latest secondary fund


connecticut_sqConnecticut-based firm Portfolio Advisors (PA) has hit the $450m mark for its second secondaries fund, AltAssets has learned.

Portfolio Advisors Secondary Fund (PASF) II has gathered $455.2m from 44 LPs, according to a document filed with the US securities and Exchange Commission.

The fund also has a Caymans-registered parallel vehicle for offshore investors, which has received $32.7m. PA did not specify whether the amount raised by the offshore vehicle was included in the fundraising total for the main fund.

PASF II does not have a minimum commitment requirement for outside investors. The firm’s first secondaries fund was closed on $1.1bn in November 2009, well ahead of its initial target of $600m.

Fortress Group, RBC Wealth Management, Morgan Keegan & Company, Alternative Investments Company, Heptagon Capital and Lytton Financial are acting as placement agents, according to the filings.

In January this year PA revealed that its secondaries fund had raised $427.2m.

Last month AltAssets reported that PA had raised $217.5m for its fourth Asian fund. The firm’s Asian vehicles invest $10m to $20m in funds targeting buyouts, special situations, growth capital as well as venture, secondary and co-investment opportunities.

In may PA revealed in a regulatory filing that its eigth fund of funds had collected $217.5m.

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.

Copyright © 2013 AltAssets