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Portfolio Advisors' 6th real estate fund of funds closes at $485M

Portfolio Advisors raised $485 million in the final close of its sixth real estate fund of funds, PERE News reported, citing Secondaries Investor, its sister publication.

About 80% of commitments in Portfolio Advisors Real Estate Fund VI came from backers of the firm's predecessor funds, the news outlet noted, citing a statement. Citing its own data, PERE said Oklahoma Firefighters & Retirement System and Missouri Local Government Employees' Retirement System were among the investors.

According to the report, 80% of the fund's capital has already been invested, including the acquisition of 26 interests in the real estate secondaries market, as well as five direct co-investments and eight primary commitments.

Crownrock Partners, which is based in Seoul, South Korea, was a placement agent on the fundraising, PERE said, citing an SEC filing.