Portfolio Advisors collects $488m for secondaries

The firm is roughly halfway to its $1bn target and recently raised $1.09bn for its seventh fund of funds, which also purchases direct secondary fund interests.

Connecticut-based fund of funds manager Portfolio Advisors has raised about $488 million for its Secondary Fund II, according to documents filed with the US Securities and Exchange Commission.

Fund II has a $1 billion target and was launched in 2011, according to Private Equity International’s Research and Analytics division. 

Firms that will receive sales compensation for Fund II listed in the fund documents include Fortress Group, which placed Portfolio Advisors’ debut secondaries fund, RBC Wealth Management, Morgan Keegan and Company and Amsterdam-based Alternative Investments Company. 

Portfolio Advisors’ debut secondaries fund closed on $1.1 billion in 2009. Fundraising took about 18 months, Portfolio Advisors managing director Paul Crotty told Private Equity International in a previous interview. Limited partners in Fund I include the Montana Teachers’ Retirement System and the San Francisco Employees’ Retirement System, according to PEI research.

In April, the firm held a final close on $1.09 billion for its seventh fund of funds, which also purchases direct secondary fund interests. 

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

The firm was unavailable for comment at press time.