Portfolio Advisors reaches $1.09bn final close

The US-based fund of funds manager, which has added co-investments to its fund strategy, had a re-up rate of 80% and gave LPs the option to customise their commitments between buyouts, venture capital and special situations.

Portfolio Advisors, a US-based fund of funds, has closed its seventh fund on $1.09 billion. The firm had raised $853.99 million against a $900 million target for Fund VII as of October 2012, according to Private Equity International’s Research & Analytics division

Approximately 80 percent of Fund VII’s limited partners were returning investors, according to a statement.  The LPs were a mix of private and public pension plans, university endowments, private foundations, insurance companies, family offices and high net worth individuals. 

Fund VII will have largely the same strategy as its predecessor, allowing LPs to customise their commitment by choosing different sector allocations/exposure in buyouts, venture capital and special situations. In addition, LPs had the option to allocate among US middle market buyout, Europe and rest of the world middle market buyout and distressed opportunities.  
It also offers co-investment opportunities for the first time. 

Fund VII has been making commitments to primary funds and purchasing direct secondary fund interests since its initial closing in 2011. It was not clear at press time how much capital had been deployed. 

Portfolio Advisors is currently raising its PAPEF VIII. The target is unclear. 

The firm’s previous private equity fund, PAPEF VI, closed at $1.1 billion in 2011. Prior to that, Portfolio Advisors raised $1.05 billion in late 2008. Some investors in the firm’s previous funds include: Watson-Brown Foundation, Colcom Foundation, Houston Firefighters’ Relief And Retirement Fund and Pension Fund of the Christian Church (Disciples of Christ), according to Private Equity International’s Research and Analytics Division.

Some of the commitments made by Portfolio Advisors in recent years include a commitment to Institutional Venture Partners XIV in 2012 and a commitment to OpenView Venture Partners III in 2011.