Private Advisors LLC has raised the firm’s first Real Assets Fund to target private natural resources. The fund, which closed on May 31, received approximately $205 million in capital commitments.

The fund will back small specialist managers and natural resource co-investments. The Real Assets Fund received financial investments from old and new institutional investors, family offices and high net worth individuals. Private Advisors’ real assets investment strategy will be led by Zac McCarroll, a partner at the firm, who has more than two decades of experience in the natural resources sector.

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