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Portfolio Advisors launches fifth RE fund of funds

The Connecticut-based fund of funds manager is back in the market with a new fund seeking $400 million to invest in opportunistic and value-added real estate vehicles as well as secondaries.

Roughly one-and-a-half years after the close of its fourth real estate-focused vehicle, Portfolio Advisors is back in the market with another real estate fund of funds. Sources familiar with the matter told PERE that the Darien, Connecticut-based fund of funds manager has launched Portfolio Advisors Real Estate Fund (PAREF) V, seeking $400 million in equity commitments.

PAREF V will have the same investment strategy as PAREF IV, targeting opportunistic and value-added funds focusing on the office, residential, retail, hotel and assisted-living sectors as well as secondary fund interests. The commingled vehicle also will target funds focused on self-storage and industrial warehouses to a lesser degree. The fund seeks investment opportunities globally, with an emphasis on the US, Western and Central Europe and certain markets in Asia. Representatives from Portfolio Advisors declined to comment.

Portfolio Advisors is seeking commitments from private and public pension plans, private endowments and foundations, family offices and high-net-worth individuals. Documents from the US Securities and Exchange Commission reveal that PAREF V already has received $50 million in commitments. A final close is anticipated either in late 2013 or early 2014.

In July 2011, Portfolio Advisors announced that PAREF IV closed on $400 million in commitments. According to sources, it currently is 75 percent invested.