Chicago-based RCP Advisors has closed its RCP Secondary Opportunity Fund II on its $425 million hard-cap.
RCP launched the fund a year ago with a $300 million target. PTP Securities worked as placement agent for Fund II, which will invest using the same strategy as the firm’s debut secondaries fund, purchasing both single assets and portfolios of assets in buyout funds focused on the North American lower mid-market. RCP Secondary Opportunities Fund II will include a general partner commitment, though the firm declined to disclose what percentage of the fund will come from the GP.
“RCP Advisors seeks individual fund investments representing commitments of between $3 million and $30 million for RCP SOF II,” the firm said in a statement. “This commitment size is matched to the natural commitment sizes commonly seen in lower middle market funds.”
Fund II will target limited partner commitments in lower mid-market funds that are more than 30 percent invested. RCP’s debut secondaries vehicle, a 2009 vintage fund, collected $265 million on a $200 million target. Limited partners in the fund include the Clemson University Foundation and the Chicago Municipal Employees Annuity & Benefit Fund, according to Private Equity International’s Research & Analytics division.
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 had collected about $234 million as of May for its most recent fund of funds, RCP Fund VIII, according to PEI data. The fund has a $250 million target.
RCP was founded in 2001 and manages more than $3 billion in committed capital. The firm has completed more than 130 partnership investments with more than 80 general partners.