RCP Advisors has collected about $90 million for its ninth a fund of funds that has a $250 million target, according to documents filed with the US Securities and Exchange Commission and source familiar with the situation.
RCP declined to comment on fundraising.
Fund IX launched in 2013 and has a $400 million hard-cap, according to Private Equity International’s Research and Analytics division. 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.
RCP’s fund of funds typically commit to between 10 to 13 North American buyout funds of between $200 million and $1 billion in committed capital. These targeted fund managers invest in lower mid-market companies with between $10 million and $250 million in enterprise value, according to RCP’s website.
RCP’s prior fund of funds, closed on about $267 million in 2012, surpassing its $250 million target, according to PEI data. The fund received commitments from the Nebraska Investment Council, the Florida State Board of Administration and South Carolina-based Coastal Community Foundation.
RCP also raises secondary funds, the most recent of which closed on its $425 million hard-cap in August, 2013. RCP Secondary Opportunity Fund II launched in 2012 with a $300 million target.
Chicago-based RCP was founded in 2001 manages more than $3 billion in committed capital. The firm has completed more than 150 partnership investments with roughly 80 general partners. Recent commitments include TriVest Partners’ Fund V and Mainsail Partners Fund III.
RCP is led by 6 managing principals and also has an office in Newport Beach, California.