Portfolio Advisors seeks $900m for PAPEF IX – updated

The investment manager is in market with at least six vehicles including a dedicated secondaries fund and a real estate fund of funds.

Portfolio Advisors is targeting $900 million for its latest private equity fund of funds, the same amount as its previous fund, and has held a second interim close on the vehicle, Secondaries Investor has learned.

The Darien, Connecticut-based firm launched Portfolio Advisors Private Equity Fund IX (PAPEF IX) in January, according to a US Securities and Exchange Commission filing.

PAPEF IX held its second interim close on $290.5 million, according to a 23 August SEC filing. The fund has received commitments from five investors and Crown Rock Partners is listed as helping to raise the vehicle.

It is understood the fund will follow its predecessor’s multi-sector strategy where investors can select among primary funds, secondaries and co-investments within the platform.

Portfolio Advisors Private Equity Fund VIII was oversubscribed and closed on $1.2 billion, above its $900 million target after 26 months of fundraising, according to PEI data.

Portfolio Advisors is also raising five other funds including Portfolio Advisors Secondary Fund III, a dedicated secondaries vehicle that has a $1 billion target, and Portfolio Advisors Real Estate Fund VI, which can make secondaries purchases in real estate.

The firm is also seeking $500 million for PA Direct Credit Opportunities Fund II, and has collected $150 million so far for Portfolio Advisors Asia Fund V and $4.1 million for Portfolio Advisors Private Equity Fund 2015, although the targets and strategies for these two vehicles were not clear.

A spokesman for Portfolio Advisors declined to comment on the fundraising.

– This story was updated to show PAPEF IX launched in January.