Portfolio Advisors holds final close on RE FoF

The 80% invested fund has closed 26 secondaries deals.

Portfolio Advisors has hit final close on its sixth real estate fund of funds, PERE's sister publication, Secondaries Investor, reported Wednesday.

Portfolio Advisors Real Estate Fund VI has raised $485 million to be invested in secondaries, primary and direct co-investment transactions in the private real estate sector, the statement said.

The fund’s original target and hard-cap has not been disclosed.

Seoul-headquartered Crownrock Partners acted as a placement agent on the fundraising, according to a filing with the Securities and Exchange Commission.

Around 80 percent of commitments were from investors that had invested in previous Portfolio Advisors funds, the statement noted. According to PERE data, this includes Oklahoma Firefighters & Retirement System with a $25 million commitment and Missouri Local Government Employees’ Retirement System, with $30 million. The fund has purchased 26 interests on the real estate secondaries market, and made five direct co-investments and eight primary commitments. The fund is already 80 percent invested, according to the statement.

The fund has been in the market since March 2015 and held a first close on $132.9 million in April 2015, Secondaries Investor reported.