Portfolio Advisors raises $1.5bn secondary fund

The Connecticut-based asset manager reaches hard cap on its third secondary fund.

Portfolio Advisors held a final close on its third institutional secondary fund at $1.5 billion.

Portfolio Advisors Secondary Fund III (PASF III), which breezed past its initial $1 billion target and closed at the firm’s hard cap, is the Connecticut-based asset manager’s biggest fund to date.

Investors in the fund include the Pennsylvania School Employees’ Retirement System (PSERS) with a $125 million commitment; the Missouri Local Government Employees’ Retirement System at $75 million, and the El Paso City Employees’ Pension Fund at $30 million.

Portfolio Advisors’ predecessor secondary vehicle, PASF II, raised $910 million in 2014.