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Private Equity

Portfolio Advisors raises $1.5 billion for latest secondaries fund

Portfolio Advisors closed its latest fund to invest on the secondary market, Portfolio Advisors Secondary Fund III, at its $1.5 billion hard cap, according to a news release.

The fund's target was $1 billion. Portfolio Advisors had closed its last private equity secondary fund, the $910 million Portfolio Advisors Secondary Fund II, in 2012.

Investors in the third fund include the $54.1 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, $7.2 billion Missouri Local Government Employees Retirement System, Jefferson City, and the $700 million El Paso (Texas) City Employees' Pension Fund.