Portfolio Advisors raises $114m for credit fund

The funds-of-funds firm has been marketing the fund since last year. 

Fund of funds specialist Portfolio Advisors has raised $114 million for its latest credit strategies fund, according to a document filed Monday with the US Securities and Exchange Commission on Monday. The filing does not disclose a fundraising target.

The filing lists managing director Paul Crotty as an executive officer on the fund. The firm’s credit team includes managing directors Adam Clemens, John Kyles, Hugh Perloff and Kenneth Binick, according to a firm presentation disclosed by the Los Angeles City Employees’ Retirement System last year.

Portfolio Advisors has been marketing the fund since last year, according to SEC filings. The firm declined to comment on fundraising.

In addition to its funds-of-funds, Portfolio Advisors also maintains an active advisory services business and markets co-investment and specialised vehicles, according to its website. The firm had more than $33 billion under management as of 31 March, 2013 and maintains offices in Connecticut, Zurich and Hong Kong.