Private Advisors Raising Third Fund

Private Advisors LLC, a fund-of-funds manager focusing on buyout funds backing small companies, has collected $150 million so far for its third specialized fund of funds, according to a person familiar with the effort. LBO Wire also reported that the target for Private Advisors Small Company Buyout Fund III LP is $300 million. However, the firm is likely to cut its fundraising short and wrap up the fund of funds early next year at around the $200 million mark as it seeks to shift its fund-raising model to smaller offerings on a more frequent basis, this person said.