Portfolio Advisors makes secondaries promotions

The firm is in market targeting $1.25bn for its fourth secondaries fund and is set to launch a vehicle targeting GP-led deals.

Portfolio Advisors has made a pair of promotions in its secondaries investment team.

The Darien, Connecticut-headquartered firm has promoted Justin Lux to managing director, one of four promotions to that level, according to a statement. Lux is a member of the firm’s private equity secondaries team focused on acquiring limited partnership interests in mid-market funds.

New York-based Lux has been with Portfolio Advisors Since 2011, having been an analyst in Lazard’s restructuring group, according to his LinkedIn profile.

Another member of the secondaries team, Tim Henn, has been promoted to senior vice-president, the statement noted.

Henn joined Portfolio Advisors in 2014 after working as an analyst in the debt origination and restructuring team of Raymond James Financial, according to his LinkedIn profile.

Portfolio Advisors came to market in 2019 with its Secondary Fund IV. It has raised $918 million of its $1.25 billion target from limited partners such as Pennsylvania Public School Employees’ Retirement System and Missouri Local Government Employees’ Retirement System, according to Secondaries Investor data.

Hugh Perloff leads the firm’s secondaries investment team.

In November, Secondaries Investor reported that Portfolio Advisors was to launch a fund dedicated to GP-led restructurings. Managing directors Stephen Sloan and Brian Murphy, along with vice-president Michael Song, joined from advisor Greenhill to help manage the rollout.

“We have been doing GP restructurings through our traditional secondaries fund, but it has always been a minority piece of it,” Brian Murphy, managing director and co-head of global marketing, told Secondaries Investor at the time, adding that such deals have accounted for no more than one-fifth of the firm’s secondaries funds.

The firm expects to grow its secondaries assets under management – which currently stand at around $8 billion – by two-to-three times over the next five years, Murphy said.