Fund: RCP Fund VI LP
Target: $350 million
Amount Raised: $300 million
Legal Advisors: Vedder Price and Greenberg Traurig
Chicago-based fund-of-funds manager RCP Advisors has so far closed on $300 million for its sixth vehicle, which has a target of $350 million. The firm is still fundraising and will likely hold a final close for RCP Fund VI LP by the end of April. The firm’s previous vehicle targeted $250 million, but ended up raising $355 million.
RCP Advisors focuses on U.S. small to mid-market buyout funds, backing vehicles with an average size of $400 million and that acquire companies for $10 million to $250 million. The firm intends to make 10 to 15 commitments of $20 million to $30 million per underlying fund.
Firms backed by RCP Advisors include Arsenal Capital Partners, which targets specialty industrials, health care and financial services; nursing home specialist Centre Partners; Clearview Capital, which invests in manufacturing, services and consumer products; turnaround firm KPS Capital Partners; Lovell Minnick Partners, which invests in financial services companies; Sentinel Capital Partners, which focuses on the consumer products, food, franchising, manufacturing and service sectors; Sorenson Capital, which sponsors buyouts in the western United States; and consumer products-focused TSG Consumer Partners.
Tom Danis and his uncle Timothy Danis founded the firm, which manages $1.3 billion, in 2001 after careers at Aon Risk Services. Backers include Chicago Policemen’s Annuity & Benefit Fund and Indiana University. Legal counsels on the fund are Vedder Price and Greenberg Traurig.