Missouri re-ups to Portfolio Advisors real estate FoF

PAREF VII, which invests in primaries, secondaries and co-investments, has received $60m from Missouri LAGERS.

Missouri Local Government Employees’ Retirement System has upped the ante with its investment in Portfolio Advisors‘ latest real estate fund of funds.

The $7.6 billion pension fund committed $60 million to Portfolio Advisors Real Estate VII, according to a statement from the pension fund.

It committed $30 million to predecessor PAREF VI, which raised $485 million by final close in August after around two and a half years in market.

PAREF VII has a similar strategy to PAREF VI, investing in primaries, secondaries and co-investments, according to a source familiar with the fund. The fund has no defined target yet but will seeks to raise a little more than its predecessor, the source said.

PAREF VII hit a $100 million first close in January on the back of commitments from two investors, according to a filing with the Securities and Exchange Commission.

Missouri LAGERS has previously invested in a Portfolio Advisors private equity secondaries fund, the 2015-vintage Portfolio Advisors Secondary Fund III, according to PEI data. That fund held its final close in January on $1.5 billion, exceeding its $1 billion target.

Real estate accounted for 14 percent of the $58 billion in secondaries deal volume last year, according to Greenhill Cogent’s latest annual report.