Portfolio Advisors holds final close of $437m
Portfolio Advisors has held a final close of $437 million for Portfolio Advisors Real Estate Fund V, according to a statement. The globally diversified real estate fund of funds will invest in primary funds, secondary funds and co-investments. Since its initial closing, PAREF V has made nine primary fund investments, purchased 21 partnership interests on the secondary market and participated in seven direct co-investments. Investors in PAREF V include private and public pension funds, endowments, foundations, insurance companies and family offices. The Houston Firefighters’ Relief and Retirement Fund committed $20 million to PAREF V in December 2014, according to meeting documents. PAREF IV, the fund’s predecessor, closed in 2011 with $400 million in equity commitments.