RCP collects $367m for secondaries

The Chicago-based firm is nearing its $425m hard-cap for its second secondaries fund, which will target limited partner commitments of less than $25m in funds that are more than 30% invested.

Chicago-based RCP Advisors has raised about $367 million for its RCP Secondary Opportunity Fund II, according to documents filed with the US Securities and Exchange Commission.

RCP is still in fundraising and has set a $425 million hard-cap for the fund, according to a source with knowledge of the situation.  The firm launched Fund II in 2012 with a $300 million target. PTP Securities is acting as placement agent for the fund.

RCP declined to comment on fundraising.

Fund II will invest using the same strategy as the firm’s debut secondaries fund, which purchased both single assets and portfolios of assets in buyout funds focused on the North American lower mid-market. A 2009 vintage fund, RCP’s first secondaries vehicle collected $265 million on a $200 million target and is fully invested. Limited partners in the fund include the Clemenson University Foundation and the Chicago Municipal Employees Annuity & Benefit Fund, according to Private Equity International’s Research & Analytics division.

RCP Secondary Opportunities Fund II will include a general partner commitment, though it is unclear what percentage of the fund will come from the GP. The fund will target limited partner commitments of less than $25 million in funds that are more than 30 percent invested.

RCP has raised seven fund of funds since its $95 million debut vehicle in 2002 and raised its first co-investment fund in 2011, collecting $110 million. The firm’s most recent fund of funds closed on about $234 million in 2012.

RCP was founded in 2001 and manages roughly $3 billion in committed capital. The firm has completed more than 130 partnership investments with more than 80 general partners.