Portfolio Advisors targets $400m for Asia Fund VI

Portfolio Advisors, a Connecticut-headquartered alternative investment firm, plans to raise $400 million for its sixth Asian fund of funds.

The firm’s Asia Fund VI plans to invest in special and distressed situations, secondaries opportunities, and private equity in the region, according to a source familiar with the fund’s strategy who requested anonymity. The vehicle had garnered over $170 million as of 13 April, according to a US Securities and Exchange Commission filing.

Its predecessor, Portfolio Advisors Asia Fund V, officially launched in 2015. It had raised over $201 million as of April 13, the filing shows.

The firm mandated CrownRock Partners, a Seoul-based investment advisory firm, Greenstone Group, a Dubai-based advisor, and BC Capital (formerly called Bhargava Wealth Management), a New Jersey-based capital formation advisor, for the Asia Fund V fundraising, another filing shows.

Portfolio Advisors held the final close on its latest flagship secondaries fund in January. Portfolio Advisors Secondary Fund III, which closed on its $1.5 billion hard-cap, makes equity investments between $5 million and $200 million across as many as 50 deals, according to documents prepared for El Paso City Employees’ Pension Fund, seen by Secondaries Investor.

Its assets under management were worth over $20 billion as of 19 January. The firm acts as investment consultants for institutions, including City of Philadelphia Board of Pensions & Investment, City of Zurich Pension Fund, Los Angeles Fire & Police Pension System, North Carolina State Treasury, Pennsylvania Public School Employees’ Retirement System and Utah Retirement System.