The Missouri Local Government Employees Retirement System (LAGERS) has made a $75 million commitment to Portfolio Advisors‘ latest secondaries fund.
The pension approved the commitment to Portfolio Advisors Secondary Fund III during the second quarter of this year, according to a statement. LAGERS had also committed to the fund of funds manager’s previous vehicles.
The Connecticut-based firm is seeking $1 billion for Fund III, which launched last October, as Secondaries Investor previously reported. The fund has already raised at least $275 million including LAGERS’ commitment.
LAGERS manages $6 billion for almost 60,000 members and retirees.