Portfolio Advisors raising $300m targeting Asian secondaries

Private market specialist Portfolio Advisors has raised close to $180 million for its Asia Secondary Fund VII and expects to close the fund in March 2022, DealStreetAsia has learnt.

The fund is understood to have a target of $300 million, which is double the corpus of the previous fund.

The firm is looking to deploy the corpus mainly into buying out limited partner stakes in funds in Asia, although there is the option to invest into continuation funds, DealStreetAsia understands.

At the same time, Portfolio Advisors is set to close its fourth global secondaries fund, at an expanded hard cap of about $2.5 billion, sources said.

Its predecessor, the 2018-vintage Portfolio Advisors Secondary Fund III, raised some $1.5 billion.

Portfolio Advisors is a US independent, private markets investment specialist founded in 1994 with $26.9 billion in assets under management.

It has recently set up an office in Singapore, adding to its presence in the US, Hong Kong and Zurich.

To date, it has committed more than $2.3 billion to nearly 130 Asia-focused primary funds, secondary-transactions, and co-investments.

The firm started its first Asia-dedicated vehicle in 2006.

Portfolio Advisors manages various secondary strategies, including a strategy focusing on GP-led transactions.

As a group, it has already deployed over $5 billion in secondaries globally, out of which nearly $500 million is allocated to Asia.

Opportunities for secondaries in Asia are fast-growing, driven by the maturing private equity sector, particularly in the major markets of India and China.

In 2020, there were ten Asia Pacific-focused secondaries funds that raised $1.6 billion, according to Preqin data. This was up from 2019 when eight funds raised $1.5 billion.

Asia-focused secondaries investor NewQuest Capital Partners, which raised $1 billion for Fund IV in 2019, has already deployed over one-third of the fund, as reported by DealStreetAsia earlier this year. NewQuest is majority-owned by global PE major TPG.

In March this year, SecondQuarter Ventures, Australia’s first secondaries fund, had announced the final close of its latest venture-focused vehicle at $51 million.

In February, US-based alternative investment management firm Hamilton Lane announced that it has reached the final closing of its global and diversified private equity secondary vehicle – Hamilton Lane Secondary Fund V.

The firm said it will increase its Asia allocation, saying the interest from Asian LPs shows a growing appetite for secondary investing in the Asia Pacific.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.