RCP hits $169m third close

The firm is seeking $425m for RCP Secondary Opportunity Fund III which will invest in US mid-market funds.

RCP Advisors has held a third close on its latest dedicated secondaries fund after around  nine months in market.

The Chicago-based firm has collected $169 million for RCP Secondary Opportunity Fund III from 91 investors, according to two filings with the US Securities and Exchange Commission.

The fund has a $425 million target and a $500 million hard-cap, Secondaries Investor reported.

Connecticut-based PTP Securities is a placement agent for the fundraising, the filing noted.

Secondaries Investor revealed in September that RCP Advisors was returning to market with a secondaries vehicle seeking $125 million more than its 2012-vintage predecessor. The fund will acquire stakes of between $3 million and $30 million in lower  and mid-market North American funds that are more than 30 percent invested and range from $250 million to $1 billion in size.

RCP’s previous secondaries fund beat its $300 million target to raise $425 million in 2013 after 14 months of fundraising, according to PEI data.

Investors in RCP Secondary Opportunity Fund II include Carnegie Mellon University, the Achelis Foundation and Clemson University Foundation.

RCP Advisors has $5.9 billion in assets under management across funds of funds, secondaries and co-investment funds, according to its website.

RCP did not reply to a request for comment.