Portfolio Advisors collects $664m for secondaries

The Connecticut-based fund of funds is targeting $1bn for its Secondary Fund II. 

Portfolio Advisors has collected about $664 million for its Secondary Fund II, according to documents filed with the US Securities and Exchange Commission Friday.

Fund II has a $1 billion target, according to Private Equity International’s Research and Analytics division. The fund had collected $488 million as of August.

Firms that will receive sales compensation for the fund include Fortress Group, RBC Wealth Management, Morgan Keegan and Company, Alternative Investments Company, Heptagon Capital and Lytton Financial, according to the SEC documents.

Portfolio Advisors’ first secondaries fund closed on $1.1 billion in 2009. The fund was in the market for about 18 months and received commitments from The Coleman Foundation and the San Francisco Employees’ Retirement System, according to PEI data.

Portfolio Advisors provides investment advisory and portfolio administration services. The firm is also in the market fundraising for its eighth fund of funds, which launched earlier this year with a $900 million target. Portfolio Advisors’ prior fund of funds closed on $1.09 billion, north of its $900 million target, in April.

Founded in 1994, Portfolio Advisors has offices in Connecticut, Zurich and Hong Kong.