EXCLUSIVE — Portfolio Advisors secures $50m commitment from long-time partner Missouri LAGERS

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.

Collet said the denominator effect is causing investors to pause and wait until the dust settles before making new commitments. There’s much uncertainty about whether the private markets will be written down and the public markets will bounce back up —