Portfolio Advisors closes sixth FoF on $1.1bn

LPs – 80 percent of whom were returning investors – were able to choose desired sector allocations and exposure levels from three principal strategy choices.

Portfolio Advisors has closed its sixth private equity fund of funds on $1.1 billion. It’s predecessor raised $1.05 billion in late 2008.

More than 80 percent of limited partners in PAPEF VI  which include public and private pensions, university endowments, foundations, insurance companies, family offices and high net worth individuals – had previously invested in one or more Portfolio Advisors-sponsored funds.

LPs in PAPEF VI were able to choose desired sector allocations and exposure levels from three principal strategy choices: diversified buyout, diversified venture capital and diversified special situations. Sub-sector preferences included US mid-market, Europe and “Rest-of-World” mid-market and distressed.

PAPEV VI has been making primary and secondary investments since an initial closing in 2008, Portfolio Advisors said in a statement.

In late 2009, the firm raised its debut dedicated secondaries fund, collecting $1.1 billion to bolster its already robust secondaries practice. Fundraising took about 18 months, managing director Paul Crotty told PEI at the time.

Founded in 1994 in Darien, Connecticut, Portfolio Advisors’ business lines include fund management, investment advisory services and portfolio administration and reporting.