RCP Advisors has held a second close on its third dedicated secondaries fund, less than two months after Secondaries Investor reported a first close.
The Chicago-based firm has collected $56.9 million for RCP Secondary Opportunity Fund III, according to a filing with the US Securities and Exchange Commission. The fund’s target is $425 million with a $500 million hard-cap.
According to the filing, based on a fund size of $500 million, management fees over the course of the fund will come to an estimated $43.75 million. The fund has attracted commitments from 41 investors so far.
The date of first sale was September and the minimum commitment from an outside investor is $1 million, the filing notes.
Fund III launched in July and held its first close in October on $26.8 million. It 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 usually makes a commitment of around 10 percent of aggregate capital commitments, while the hurdle rate on its funds is between 10 percent to 15 percent, according to a strategy document from the GP.
RCP’s previous secondaries fund held the final close on its $425 million hard-cap in July 2013, above its $300 million target after 14 months of fundraising, according to PEI data.
RCP Advisors has $5.9 billion in assets under management across funds of funds, secondaries and co-investment funds, according to its website.