Portfolio Advisors holds close on $219.6m

Portfolio Advisors has held a third close on its sixth fund, collecting $219.6 million, according to a filing last week with the US Securities and Exchange Commission.

The firm did not specify the target size for Portfolio Advisors Real Estate Fund VI.

The Darien, Connecticut-based firm, which declined to comment, launched PAREF VI in March 2015 and held a first close on $132.9 million in April 2015, according to the SEC. Seoul-based CrownRock Partners is listed as the placement agent for the vehicle.

There are 11 investors to date in the latest fund. The Missouri Local Government Employees’ Retirement System allocated $30 million to the fund, according to PERE research.

In October, the firm closed the predecessor vehicle, PAREF V, at $437 million, beating its $400 million target, as PERE previously reported. The firm held a first close on $50 million for the fifth fund in January 2013 and held subsequent closes of $195.6 million in April 2014 and $273.2 million in April 2015, according to SEC filings.

A spokesman for the firm told PERE in October that Portfolio Advisors would commit up to 2 percent of its own capital toward PAREF V. About 80 percent of the fund’s commitments came from investors who previously committed to Portfolio Advisors’ vehicles, according to an announcement at the fund’s closing. The returning LPs included the Oklahoma Firefighters Pension & Retirement System and Philadelphia-area nonprofit Connelly Foundation.

The PAREF series has an investment strategy focused on opportunistic and value-added funds centered on the office, residential, retail, hotel and assisted-living sectors, as well as secondary fund interests. PAREF V also has a small allocation to funds focused on self-storage and industrial warehouses, according to the firm. The firm is investing the vehicle’s capital in the US, Western and Central Europe and certain markets in Asia, according to the October statement.