RCP Advisors will execute a first close on its sixth fund at the end of June, a source familiar with the situation said. The buyout funds-of-funds manager will close on $200 million, slightly more than halfway to its $350 million target. RCP Advisors VI comes hot on the heels of the firm’s 2007 fund, which closed late last year. That fund, also $350 million, surpassed its target by $25 million. The fund prior to that, raised in 2006, topped its target as well, securing commitments for $40 million more than its $225 million target.
In the past, the RCP Advisors committed to small-to-mid-market firms like Sorenson Capital, Centre Partners, Accel-KKR, Wynnchurch Capital, and Clearview Capital.
No placement agent has been tapped; Vedder Price and Greenberg Traurig are providing legal counsel. RCP was founded by Tom Danis and Timothy Danis, formerly of Aon Risk Services, in 2001.