US-based RCP Advisors has raised over $258 million for its ninth fund of funds, beating the $250 million target according to SEC filings. Sources familiar with the fund say the hard-cap is $400 million.
RCP declined to comment on fundraising.
Fund IX launched in 2013, and closed on $258 million on July 30 of this year. Connecticut-based Pinnacle Trust Partners and Cato Capital are listed in the fund documents as firms that will receive sales compensation in connection with the fundraise.
Sources familiar with the fund say that the vehicle will follow the same strategy as predecessor funds- targeting North American buyout funds of between $200 million and $1 billion in committed capital.
RCP’s prior fund of funds, closed on about $267 million in 2012, surpassing its $250 million target, according to PEI data. Known investors in the fund include the Nebraska Investment Council, the Florida State Board of Administration and South Carolina-based Coastal Community Foundation.
The firm also manages secondaries funds, the most recent vehicle closed on its $425 million hard-cap in August, 2013.
RCP Advisors recently retained Blackstone’s Park Hill Group to sell a bundle of end of lifecycle investments in July, Bloomberg reported at the time. RCP is reported to be considering an offer from Strategic Partners Fund Solutions, a firm Blackstone acquired last year, for that sale.