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Private Advisors targets $200m with new fund

The Richmond, Virginia-based alternative investments firm expanded into secondaries nearly three years ago.

Private Advisors is raising a new secondaries fund, Private Advisors Secondary Fund V, targeting $200 million, according to a regulatory filing.

The minimum investment accepted in the fund is $1 million.

The firm wasn’t immediately available for comment.

The Richmond, Virginia-based alternative investments firm has also started raising $125 million for a new co-investment fund called Private Advisors Coinvestment Fund IV, according to a separate regulatory filing.

Private Advisors expanded into secondaries almost three years ago when it acquired Cleveland-based Cuyahoga Capital Partners’ investment advisory business. At the time, it took over the responsibility of investing Cuyahoga’s $134.8 million secondaries fund, according to Secondaries Investor.

Private Advisors, which is an affiliate of New York Life Investment Management Holdings, was founded in 1997 by Lou Moelchert. The firm manages more than $6 billion in assets as of 31 March and has more than 80 employees, according to its website.