Portfolio Advisors, a global private market specialist that has backed pan-Asia funds, has secured over $1 billion in the final close of its 11th global multi-strategy fund-of-funds, according to a company announcement.
The global private equity fund, Portfolio Advisors Private Equity Fund XI (PAPEF XI) was oversubscribed and exceeded its original target of $750 million, the firm said.
Its predecessor PAPEF X, a diversified global private equity commingled fund, had raised $812 million in December 2020.
The latest fund secured commitments from investors who had previously committed to one or more of the firm’s vehicles. This includes private and public pension plans, university endowments, private foundations, insurance companies, family offices, and high-net-worth individuals.
Portfolio Advisors manages a broad range of strategies, including direct, secondary, and primary investments and junior and senior credit. It also provides institutional clients with customised discretionary and non-discretionary portfolio management across its core strategies.
“We are excited for what we believe will be an attractive investment landscape, particularly given our team’s track record across economic cycles,” said Liz Campbell, co-head, Primary Investments, at Portfolio Advisors.
The firm has backed both pan-Asia funds and country-focused vehicles such as Baring Private Equity Asia and Bain Asia, Kedaara and ChrysCapital in India, Orchid Asia and Ascendent Capital Partners in China, and Crescent Capital Partners in Australia.
It has also made both primary and secondary investments in the region, with a heavy weight on more developed markets like China, India, Australia, and Japan, its managing director Michael Liu earlier told DealStreetAsia.
The firm’s SE Asia strategy is more about finding “the right asset at the right price, and the right risk-reward” strategy, Liu said in a 2022 interview.
In 2021, DealStreetAsia reported that the firm raised close to $180 million for its Asia Secondary Fund VII. The fund was understood to have a target of $300 million, which is double the corpus of the previous fund.
Opportunities for secondaries in Asia are fast-growing, driven by the maturing private equity sector, particularly in the major markets of India and China.
