Portfolio Advisors hires Greenhill Young Gun

The firm is in market targeting $1.25bn for its latest flagship secondaries fund.

Portfolio Advisors has looked to the secondaries sell-side for its latest hire.

The Darien, Connecticut-headquartered investment manager has appointed Michael Song to the role of vice-president, a spokesman for Portfolio Advisors confirmed to Secondaries Investor.

He comes to the role from more than six-and-a-half years at Greenhill where he was a vice-president based in its Hong Kong and San Francisco offices. He has also held junior roles with Industry Ventures and Partners Group.

Song started at the firm last week and will initially rotate between the primaries, secondaries, co-investment and credit teams, Secondaries Investor understands.

Song ranked 12th in Secondaries Investor‘s 2019 Young Guns ranking of the most promising people in secondaries under the age of 36, now called Next Gen Leaders. Among the deals he worked on were the sale of a $5 billion portfolio by Japan’s Norinchukin Bank and $1.7 billion of private fund stakes by Singapore sovereign wealth fund GIC.

Greenhill moved vice-president Lloyd Bradbury to Hong Kong last year to replace Song, who returned to the investment bank’s San Francisco office: “Michael is a great guy… We wish him well,” a spokesman for Greenhill told Secondaries Investor.

Portfolio Advisors Secondary Fund IV is in market targeting $1.25 billion, according to Secondaries Investor data. The fund has collected at least $870.8 million from investors including Pennsylvania Public School Employees’ Retirement System, which committed $150 million, and Missouri Local Government Employees’ Retirement System, which committed $65 million.

PASF IV will primarily target US mid-market buyout funds across growth, venture capital, distressed, special situations and opportunistic investments, Secondaries Investor reported in December. The fund has a $2.25 billion hard-cap.

Portfolio Advisors Asia Secondary Fund VII is also in market and has raised $77.25 million against an undisclosed target, according to Secondaries Investor data.