Private Advisors LLC has pulled together $350 million in capital commitments for the firm’s seventh small company private equity fund, Fund VII. The current deal comes less than a month after the firm completed fundraising for its fourth small company co-investment fund.
Fund VII, however, will primarily invest in lower middle-market buyout, growth and distressed private equity funds. The new fund received investments from pension plans, foundations, endowments, insurance, and family offices. Fund VII has already committed more than 50 percent of the fund to “high quality and constrained investments.”
“We believe our broad investment platform and longstanding dedication to the small company market provide distinct sourcing, relationship and diligence advantages for our partners,” states Private Advisors partner Todd Milligan.
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. The Richmond, Virginia-based firm also raised a natural resources fund in June.
Other middle-market fund raises include: Saw Mill Capital’s closing of a new investment fund with $340 million in commitments; Industrial Opportunity Partner’s (IOP) raising its third fund with $450 million; Platte River Equity’s closing the firm’s fourth fundraise; CVC Capital Partners’ $18 billion fund to target U.S. and European investments; the Riverside Co.’s first minority investment fund in April 2017.