Private Advisors raises $75m for latest secondaries fund

The Richmond, Virginia-based small secondaries firm closed its last fund in March 2018 on $275m.

Small secondaries specialist Private Advisors has held a first close on its latest fund.

The Richmond, Virginia-headquartered firm has raised $75 million for PA Secondary Fund VI from two investors, according to a filing with the Securities and Exchange Commission. The fund launched in November and is being raised with the help of placement agent NY Life Distributors. Its target is not clear.

Predecessor Fund V held a final close on $275 million, above its $200 million target, in March last year, Secondaries Investor reported. The fund had been in market for 20 months and received support from limited partners such as New York Life Insurance Company Benefit Plan, according to Secondaries Investor data.

Private Advisors invests in single fund interests and structured deals in the North American small and mid-market. It has a maximum deal size of $25 million.

The firm expanded into secondaries in 2012 through the acquisition of the investment advisory business of Cleveland-based Cuyahoga Capital Partners. It took over responsibility of investing Cuyahoga Capital Partners IV, a $134.8 million secondaries fund.

Private Advisors was founded in 1997 by Lou Moelchert, the former chief investment officer of the University of Richmond Endowment Fund. The firm has $5 billion in assets under management across private equity, secondaries, real assets, opportunistic and special situations credit and long/short equity.

The firm did not respond to a request for comment.