Chicago-based RCP Advisors has launched its second secondaries fund, which has a $300 million target.
RCP Secondary Opportunities Fund II will invest using the same strategy as the firm’s debut secondaries fund, which purchases 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 more than 90 percent invested. Limited partners in the fund include the Clemson University Foundation and the Chicago Municipal Employees Annuity & Benefit Fund.
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 is not using a placement agent for the fund.
The firm has raised seven fund of funds since its $95 million debut vehicle in 2002 and last December raised its first co-investment fund collecting $110 million. RCP’s most recent fund of funds closed on $300 million in October 2011.
RCP was founded in 2001 and manages more than $2.4 billion in committed capital in over 125 private equity investments.