Portfolio Advisors closes global secondaries fund at $910m

Commitments came from public pension plans, university endowments, private foundations, insurance companies, family offices and high net worth individuals. Investors in previous Portfolio Advisors funds account for approximately 80% of the corpus.

Connecticut-based Portfolio Advisors raised $1.1 billion for its first secondaries fund in 2009. The firm started investing in secondary private equity and private real estate opportunities six years earlier through fund-of-funds vehicles and advisory relationships. It has completed more than $2 billion in private equity secondary transactions.

Portfolio Advisors closed its seventh global private equity fund-of-funds in April 2013 at $1.1 billion, slightly less than its 2011 vintage predecessor.

HarbourVest Partners, Hamilton Lane and AlpInvest Partners have all closed global secondaries funds within the past six months, while Asia-focused direct secondaries specialist NewQuest Capital Partners reached a first close of $215 million on its second fund.

Lexington Partners is also in the market with its eighth fund. Brent Nicklas, Lexington's managing partner, told AVCJ in November that he expects global secondaries volume of $25 billion per year over the next 4-5 years, and a further $2-3 billion per year in direct secondary transactions.

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• Topics
• Fundraising
• Secondaries
• Secondaries
• Fundraising
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