Portfolio Advisors has raised about $618 million for its seventh private equity fund of funds, according to documents filed with the Securities and Exchange Commission.
The Connecticut-based firm has collected approximately $449 million in one vehicle and about $169 million in an offshore fund, raising capital from a total of 31 investors, according to the filing. The target for Portfolio Advisors’ Private Equity Fund VII is $900 million. The firm declined to comment on the fundraise.
Firms that will receive sales compensation for Fund VII listed in the fund documents include three US-based firms – Fortress Group, RBC Wealth Management and Morgan Keegan and Company – and Amsterdam-based Alternative Investments Company.
Portfolio Advisors closed its sixth fund of funds on $1.1 billion in April 2011. Limited Partners in Fund VI include the Houston Firefighters’ Relief and Retirement Fund and the Pension Fund of the Christian Church.
LPs in Fund 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.
Fund 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 existing secondaries practice. Fundraising took about 18 months, Portfolio Advisors managing director Paul Crotty told Private Equity International at the time.