Private Advisors LLC Raises $350M For Seventh Small Company Fund

Jul 25 2017 | 8:18pm ET

Private Advisors LLC has raised $350 million for its seventh small-company private equity fund, closing the oversubscribed new pool at its hard cap. 

As with its predecessors, the new fund will focus exclusively on the small company market in North America where Private Advisors has been investing for more than 20 years, the company said in a statement. The fund will primarily invest in lower-middle market buyout, growth and distressed private equity funds (typically less than $750 million in size), along with targeted equity co-investments and opportunistic secondary investments.

The fund enjoyed support from a diverse collection of limited partners, including pension plans, foundations, endowments, insurance, and family offices. Private Advisors' employees and its parent organization, New York Life Insurance Company, also made meaningful commitments. 

More than half of the new fund’s capital has already been committed, according to Todd Milligan, a partner on the private equity team. 

Founded in 1997, Private Advisors is an alternative investment firm managing over $4.6 billion in assets as of June 30, 2017. Bought by financial services giant New York Life Investment Management in 2010, the company sources, underwrites, structures, and manages investments in small to mid-sized managers and direct transactions across the liquidity spectrum, and its integrated platform has expertise in small company private equity, real assets, credit, and long/short equity. 

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