Darien, Connecticut-based Portfolio Advisors LLC, a private markets-focused investment firm, has closed its third co-investment fund at a hard cap of $500 million. The fund’s limited partners included pension funds, insurance companies, foundations, endowments, family offices and high-net worth individuals both in the U.S. and abroad.
Portfolio Advisors, LLC (“PA”), a private markets-focused investment firm, is pleased to announce the successful closing of PA Co-Investment Fund III (“PCIF III”). PCIF III held a final closing on December 31, 2018, at its hard cap of $500 million. The fund received support from existing and new investors, which included pension funds, insurance companies, foundations, endowments, family offices and high net worth individuals both in the U.S. and abroad.
Consistent with the strategy of PA’s prior co-investment offerings, PCIF III will invest predominantly in established U.S. middle market companies alongside top-tier private equity sponsors. The fund will leverage PA’s firm-wide sourcing efforts and long-standing relationships to create a diversified portfolio of high-quality investments. To date, PCIF III has invested over 50% of its capital in 17 transactions.
The firm’s dedicated co-investment team is led by Managing Directors Adam Clemens and Ken Binick, who have nearly 50 years of combined private markets investment experience and have worked together at PA for the past eight years. Clemens and Binick built the firm’s co-investment business based on the firm’s view that co-investment funds provide a compelling and cost-effective method of investing directly in private companies, while also enabling PA to serve as a trusted source of capital to its middle market sponsor network.
“Our limited partners recognize the benefits of co-investing, and we’re grateful for their support of PCIF III. We will continue to invest the fund prudently in an effort to deliver attractive, risk-adjusted returns,” said Clemens.
Since 2008, PA has executed more than 60 middle market co-investment transactions and has established a successful track record.
“Our dedicated team is able to efficiently and effectively underwrite deals and provide sponsors with quick answers. This has been a key driver to our success in establishing Portfolio Advisors as a preferred co-investment partner,” said Binick.
In addition to the co-investment strategy, the PA direct investment platform includes junior and senior debt strategies, both of which focus on opportunities in the middle market.
About Portfolio Advisors
Headquartered in Darien, CT and founded in 1994, Portfolio Advisors, LLC is an independent, private markets investment specialist with more than $23 billion in assets under management. The firm also has offices in Switzerland and Hong Kong. Portfolio Advisors provides tailored private equity, private real estate and private credit investment solutions through commingled funds and custom advisory solutions via primary partnerships, secondary purchases, co-investments and direct mezzanine investments. Portfolio Advisors has been an Investment Advisor registered with the U.S. Securities and Exchange Commission since 1994, and is also a Qualified Professional Asset Manager in the U.S.