Portfolio Advisors has collected $16 million for real estate secondaries, according to documents filed with the US Securities and Exchange Commission Wednesday.
PAREF V Secondaries Feeder does not have a specified target and is part of the firm’s fifth real estate fund of funds — PAREF V — which launched last year. The fund has raised $195.5 million toward its $400 million target, according to PEI’s Research and Analytics division.
Fortress Group will receive sales compensation from both PAREF V and PAREF V Secondaries Feeder fund, according to SEC documents.
PAREF V will follow the same investment strategy as Portfolio Advisors’ prior funds, investing in opportunistic and value-added funds focused on the office, residential, retail, hotel and assisted-living sectors, as well as secondary and co-investment fund stakes, Secondaries Investor previously reported. The fund will also invest in self-storage and industrial warehouses to a lesser degree.
Portfolio Advisor’s prior real estate secondaries fund raised $150 million last year and the firm’s prior flagship real estate fund of funds closed on $400 million in 2011.
Portfolio Advisors closed its most recent global secondaries fund, Portfolio Advisors Secondaries Fund II on $910 million at the beginning of the year. The fund focuses purely on private equity secondaries, in part because some of the Portfolio Advisor’s LPs had asked the firm to separate strategies, managing director Brian Murphy previously said.
Darien, Connecticut-based Portfolio Advisors has completed more than $2 billion in secondaries transactions since 2003, according to a prior statement. The firm declined to comment.