RCP Advisors has collected $110 million for its first ever co-investment fund, RCPDirect.
The Chicago-based firm has raised seven fund of funds since its $95 million debut vehicle in 2002, and in 2009 launched its first secondaries fund, raising $265 million on a $200 million target. RCP’s funds commit to lower mid-market managers targeting investments in North America in a variety of industries. The firm’s most recent vehicle closed on $300 million in October.
“RCP’s strategy has always been to partner with the best managers in the lower middle market,” RCP principal Dave McCoy said in a statement. “These relationships will provide RCPDirect with compelling investment opportunities and diligence resources.”
RCP was unavailable for comment at press time.
The firm did not use a placement agent for its seventh fund of funds, which received commitments from a combination of new and existing limited partners. The Clemson University has invested in RCP’s previous six fund of funds and its first secondaries fund.
RCP was founded in 2001 and manages more than $2.4 billion in committed capital in over 125 private equity investments.