Darien, CT-based fund of funds Portfolio Advisors has reached a first close on $150 million for its fourth Asia fund, according to a filing with the US Securities and Exchange Commission.
Portfolio Advisors Asia Fund IV is targeting $300 million.
Fund IV so far has re-ups from Portfolio Advisors’ predecessor Asia-focused fund, which is co-managed through a joint venture with United Overseas Bank and closed on $163 million in 2012, according to a source familiar with the fund.
Fund IV is structured to allow investors to allocate commitments between two sectors, diversified (80/20 primary/secondary opportunities) or all secondaries, PEI’s source said.
In February, three professionals from UOB in Singapore joined Portfolio Advisors in Hong Kong, expanding the Hong Kong-based team to six and the dedicated Asia investment team to eight.