RCP Advisors draws $258 mln for Fund IX

Firm: RCP Advisors

Fund: RCP Fund IX LP

Target: $250 million

Amount Raised: $258.3 million

Placement Agents: Cato Capital LLC, Haydon Hill Advisors, PTP Securities LLC

So far, the fundraise from RCP Advisors came in near the shorter side of its typical range of 12 to 18 months, given that RCP Fund IX already hit its objective a year after closing its predecessor, RCP Fund VIII LP, at $267.7 million on Aug. 9, 2013.

RCP Advisors drew commitments from 164 investors thus far for RCP Fund IX, with a hard cap of $400 million for the pool, according to a regulatory filing on Aug. 11. On May 12, the firm had raised $230 million in commitments, according to an earlier amendment for RCP Fund IX.

The success by RCP Advisors comes as sub-$1 billion funds capture a bigger piece of the total fundraising pie nowadays, according to an analysis by Buyouts.

Among LPs for RCP Fund IX, the Florida State Board of Administration committed $50 million to RCP Fund IX in the second quarter, sister website peHUB reported in July.

A spokeswoman for RCP Advisors declined to comment on fundraising or whether Fund IX has made any investments to date.

RCP Advisors joined Dartmouth College to help Prophet Equity reach a $345 million final close on Prophet Equity II LP, the latest fund from Southlake, Texas-based specialist in turnarounds, Buyouts reported in July. It is not clear which fund RCP Advisors tapped for its investment in Prophet Equity II.

Also on the fundraising trail, RCP Advisors closed on $425 million for RCP Secondary Opportunity Fund II in August 2013. The effort beat a goal of $300 million.

Founded in 2001, RCP Advisors said it managed $4.0 billion as of March 31, according to its website. The firm counts more than 190 partnership investments with more than 90 general partners in its portfolio. With its primary funds of funds, RCP invests in 10 to 13 funds ranging in size from $200 million to $1 billion. The GPs typically invest in lower mid-market companies with an enterprise value of $10 million to $250 million.