Private Advisors LLC, an affiliate of New York Life Investment Management LLC, a subsidiary of New York Life Insurance Company, has closed its seventh private equity fund at a hard cap of $350 million. Fund VII will focus on lower middle market companies in North America. The fund’s limited partners include pension plans, foundations, endowments, insurance companies and family offices.
RICHMOND, VA, July 25, 2017 – Private Advisors, LLC, a leading alternative investment firm, has closed its oversubscribed seventh small company private equity fund (“Fund VII”) at a hard cap of $350 million.
Fund VII focuses exclusively on the small company market in North America where Private Advisors has been a leading investor for more than 20 years. The Fund primarily invests in lower-middle market buyout, growth and distressed private equity funds (typically less than $750 million in size), along with targeted equity co-investments and opportunistic secondary investments.
“We are grateful to our limited partners for their continued support as almost 70 percent of the Fund came from existing investors. We are also very excited to gain many new investors and further expand our LP base outside the U.S.,” said Chris Stringer, President of Private Advisors.
The Fund’s investor base primarily includes institutional investors such as pension plans, foundations, endowments, insurance, and family offices. Private Advisors’ employees and its parent organization, New York Life Insurance Company, made meaningful commitments, underscoring a strong alignment of interests with investors.
Todd Milligan, Partner on the Private Equity team, commented: “We are pleased to have already committed over 50 percent of the Fund to high quality and access constrained investments, and we continue to see compelling opportunities ahead. We believe our broad investment platform and longstanding dedication to the small company market provide distinct sourcing, relationship and diligence advantages for our partners.”
About Private Advisors
Private Advisors, LLC is a leading alternative investment firm managing over $4.6 billion in assets as of June 30, 2017. Private Advisors sources, underwrites, structures, and manages investments in small to mid-sized managers and direct transactions across the liquidity spectrum. Private Advisors’ integrated platform has expertise in Small Company Private Equity, Real Assets, Credit, and Long/Short Equity. The long-term nature of the firm’s capital and range of expertise provides origination and diligence advantages that benefit its investors. Private Advisors builds commingled and customized portfolios on behalf of investors that seek to preserve and grow capital. Private Advisors is an affiliate of New York Life Investment Management LLC, a wholly-owned subsidiary of New York Life Insurance Company. www.privateadvisors.com