Portfolio Advisors closes latest real estate FoFs

The Darien, Connecticut-based funds of funds manager has closed its third property vehicle on $146.5m and its fifth private equity fund on $1.05bn.

Portfolio Advisors has closed its latest real estate funds of funds vehicle on $146.5 million.

The Darien, Connecticut-based manager said in a statement the fund would invest with GPs targeting all property sectors globally, just in the US and worldwide excluding the US.

Since its initial closing in 2007, the Portfolio Advisors Real Estate Fund III (PAREF III) has also been acquiring secondary fund interests in private equity property vehicles. The predecessor fund, PAREF II, closed in 2006 on $116 million.

Portfolio Advisors has also closed its latest private equity funds of funds vehicle, Portfolio Advisors Private Equity Fund V, on $1.05 billion. It follows on from Fund IV which raised $982 million in 2006. The vehicle will target GPs investing in US mid-market buyouts, European buyouts, venture capital, diversified buyouts and special situations.