Private fund manager RCP Advisors announced Thursday that it raised US$425 million for its Secondary Opportunity Fund II (SOF II), easily exceeding the US$300 million the company initially expected. The company also shared that the proceeds garned from SOF II will be utilized for future private equity fund investments and secondary market purchases.
RCP Advisors Chief Investment Officer and Managing Principal Charles Huebner commented on the raised fund, saying, "Secondary funds are the focus of many investors' attention these days. The positive market reaction to RCP Secondary Opportunity Fund II shows that our differentiated focus on the small buyout fund market resonates with investors."
"They see great opportunity in this market niche despite increased competition in secondaries overall. The strong performance to date of our earlier secondary fund as well as the unique market opportunity allowed us to retain the majority of our existing LPs and attract a high quality roster of new investors. We are pleased with this success during the fundraising phase and look forward to a successful investment period for RCP SOF II," Huebner added.
Founded in 2001, RCP Advisors is currently headquartered in Chicago and has more than US$3 billion of committed capital under management. The funds-of-funds management firm focuses primarily the private equity market's lower middle buyout segment.
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