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RCP makes secondaries partner promotion

Chicago-headquartered RCP is in market with its fourth secondaries fund targeting North American lower-mid-market buyout funds.

RCP Advisors has promoted a secondaries investment professional to partner.

Raj Patel, who joined the Chicago-headquartered private equity manager in 2013, is co-manager of the firm’s Secondary Opportunity funds and serves on the secondaries investment committee, according to a statement announcing his promotion.

He also started RCP’s small and emerging manager fund series. It comprises two vehicles, the last of which was raised in 2019, according to PEI data.

RCP’s head of customised investment solutions Alex Abell was promoted to managing partner. Calvin Kleinschmidt, who is responsible for primary fund investing, was promoted to partner.

Secondaries Investor reported in August that RCP had placed a hard-cap of $650 million on its fourth dedicated secondaries fund. The fund has raised $269.07 million so far, according to Secondaries Investor data.

Predecessor Fund III had a target of $425 million and a $500 million hard-cap. It held its final close on $487 million from investors including The Community Foundation of North Louisiana and The Herbert H and Grace A Dow Foundation, according to Secondaries Investor data.

RCP targets North American lower-mid-market buyout funds on an LP-led and GP-led basis. Its deals are often sourced through its primary investment platform.

Among the deals RCP backed in 2021 was a GP-led process centred on a portfolio of mid-market healthcare and technology assets managed by Riverside PartnersSecondaries Investor reported. Neuberger Berman led the process worth $500 million in total.

In September, the firm hired Mary Hunt from Allstate Investments to advise on manager diversity, equity and inclusion across its primary-, secondaries- and co-investment offerings. It plans to raise a DEI-focused fund, Secondaries Investor reported.

RCP has $11.4 billion in committed capital across funds of funds, secondaries, co-investments and private credit, according to its website.