PA Capital holds close on the way to $500m

The New York Life-owned alternatives manager is targeting $500m for Fund VI, 80% more than the amount raised for its predecessor.

PA Capital, formerly known as Private Advisors, has made a dent in fundraising for its sixth secondaries fund.

The Richmond, Virginia-based manager has raised $193.5 million for PA Secondary Fund VI against a target of $500 million, according to a filing with the US Securities and Exchange Commission. The data of first sale is listed as November 2019.

The 2015-vintage Private Advisors Secondary Fund V raised $275 million, against a target of $200 million. Limited partners include Case Western Reserve University, New York Life Insurance and The Achelis and Bodman Foundation, according to Secondaries Investor data.

The firm declined to comment on fundraising.

PA Capital targets private equity secondaries in the US lower mid-market with a focus on GPs it is invested with through its primary platform, Secondaries Investor understands. It invests in portfolios and GP-led transactions with an investment range of $5 million to $50 million in size.

The firm’s managing director of secondaries is Curt Futch, formerly of Crestline Advisors and Thomas Weisel Capital Partners, according to his LinkedIn page.

PA Capital was founded in 1997 by Lou Moelchert, the former chief investment officer of the University of Richmond Endowment Fund. It has $5.8 billion in assets under management and is majority owned by New York Life Investments Alternatives, a subsidiary of the $561 billion investment manager.