Private Advisors closes fourth small-cap fund

The Richmond, Virginia-based FoF beat its $200m hard-cap after three years of fundraising.

Private Advisors has closed on $211.5 million for its fourth fund, targeting underlying small-cap and growth equity funds. The New York Life Insurance fund-of-funds affiliate has already made 11 private equity commitments through Private Advisors Small Cap Buyout Fund IV, totaling $117.5 million, a source close to the firm told Private Equity International.

The firm has been marketing the fund, which exceeded its $200 million hard-cap, since August, 2008, according to US Securities and Exchange Commission filings. Its third fund raised $300 million in 2007.

The firm attracted 38 limited partners for the fund, including 12 re-ups, the source said. Investors in Private Advisors’ previous three funds include the John D. and Catherine T. Macarthur Foundation, the Clemson University Foundation, Alfred I. duPont Testamentary Trust, Chrysler Museum of Art, the Grable Foundation, the Rockefeller Brothers Fund, Spelman College, University of Florida Foundation and University of Toronto Management.

Lou Moelchert founded Private Advisors in 1997. The Richmond, Virginia-based firm manages over $3.5 billion in assets, according to its website. In December, 2010 Private Advisors was acquired by New York Life Insurance.