Private Advisors hits $175m secondaries close

Private Advisors, a subsidiary of New York Life Investment Management Holdings, has hit a $175 million close on its fifth secondaries fund.

According to a filing with the Securities and Exchange Commission, Private Advisors Secondary Fund V has raised $175.25 million. The filing puts the target at $275 million, though previous funding updates, which Secondaries Investor reported on in July, showed a target of $200 million.

It is unclear whether the firm increased the target and if the recent filing indicates the fund’s hard-cap. Private Advisors did not return a request for comment.

Fund V launched in July 2015, with date of first sale falling in September of the same year.

New Jersey-based NYLIFE Distributors and New York-based Berchwood Partners are acting as advisors on the fundraising.

The minimum investment is $1 million, the filing notes. So far, 62 investors have committed to the fund.

Private Advisors expanded into secondaries in 2012 through the acquisition of Cleveland-based Cuyahoga Capital Partners’ investment advisory business. At the time, it took over the responsibility of investing Cuyahoga Capital Partners IV, a $132.5 million secondaries fund, Secondaries Investor reported.

Private Advisors Secondary Fund V is the first secondaries fund the firm has raised since the acquisition.

Private Advisors was founded in 1997 by Lou Moelchert, the former chief investment officer of the University of Richmond Endowment Fund. The firm has $4.6 billion in assets under management across “private equity, secondaries, real assets, opportunistic and special situations credit, and long/short equity,” according to its website.