Portfolio Advisors has raised $50 million from the $10.3 billion Missouri Local Government Employees Retirement System (LAGERS) to support the continuation of real estate secondaries strategy.
IREI understands this will be the only commitment to the fund, which is a separate vehicle that supports the current portfolio of the Portfolio Advisors Real Estate Fund VIII.
Brian Collett, CIO of Missouri LAGERs, said the majority of the fund is secondaries and/or co-investments. The commitment will allow Portfolio Advisors to have the capital lined up “to take down deals” as they find them, rather than having to first source capital. Missouri LAGERs is not providing any direction on what types of deals to execute.
In February, FS Investments, a pioneer in the democratization of alternative investments, and Portfolio Advisors, entered into a definitive agreement to combine their firms. Portfolio Advisors will become the institutional investment arm of FS Investments.
