Private Advisors has closed its oversubscribed seventh private equity fund at the hard cap of $350 million. Similarly, the group’s earlier fund closed with $350 million in commitments in June 2015.
Fund VII will invests in lower-middle market buyout, growth and distressed private equity funds (typically less than $750 million in size), and will also make select equity co-investments and secondary investments.
Fund VII’s investor base 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, also made meaningful capital commitments.
“We are grateful to our limited partners for their continued support as almost 70 percent of the Fund VII came from existing investors. We are also very excited to gain many new investors and further expand our limited partner base outside the US,” said Chris Stringer, President of Private Advisors.
“We are pleased to have already committed over 50 percent of the Fund VII to high quality and access constrained investments, and we continue to see compelling opportunities ahead,” said Todd Milligan, Partner on the private equity team. “We believe our broad investment platform and longstanding dedication to the small company market provide distinct sourcing, relationship and diligence advantages for our partners.” Private Advisors has invested in the lower middle market since 1997.
Private Advisors is an affiliate of New York Life Insurance Company and is based in Richmond, VA with additional offices in New York, Cleveland and Austin (www.privateadvisors.com).
© 2017 Private Equity Professional | July 27, 2017