Alternative investment firm Private Advisors LLC has closed its fourth dedicated co-investment program, Small Company Co-Investment IV, with nearly $164 million in capital commitments. The fund will focus on smaller North American companies with enterprise values typically below $150 million.
The co-investment fund exceeded its target by nearly $39 million. Private Advisors and its employees, alongside parent company New York Life, invested in Small Company Co-Investment IV.
Founded in 1997, Private Advisors currently has more than $4.7 billion in assets. The firm sources, underwrites, structures, and manages investments in small to mid-sized managers and direct transactions. Private Advisors is based in Richmond, Virginia.
Chris Stringer, president of Private Advisors, says the firm’s fundraising and sourcing efforts come as Private Advisors is experiencing strength in “deal flow even as deal volume in the broader market has decreased.”
Private equity firms such as Ardian and Constitution Capital Partners have raised co-investment capital in the past. Other middle-market capital raises include: the Riverside Co.’s first minority investment fund in April 2017; The Carlyle Group’s (Nasdaq: CG) fourth distressed capital raise; Vector Capital’s fifth PE fund; Monroe Capital LLC’s $800 million credit fund; and Chicago-based NXT Capital LLC’s fourth debt fund with $900 million.