Portfolio Advisors promotes secondaries staff to MD

Portfolio Advisors has promoted two investment professionals who focus on secondaries across private equity and real estate.

The Connecticut-headquartered firm promoted Patrick Gerbracht to managing director, according to a statement. Gerbracht joined the firm in 2010 from Pomona Capital and was a vice-president focusing on private equity.

Jeffrey Cho was also promoted to managing director. Cho joined the firm in 2012 and is a senior member of the private real estate investment research and due diligence team whose focus includes secondaries acquisitions.

This month Portfolio Advisors held a $201 million first close on its latest real estate fund of funds, Portfolio Advisors Real Estate Fund VII, according to a filing with the Securities and Exchange Commission. The fund, which launched at the start of last year, invests in primaries, secondaries and co-investments, the size of each component depending on investor demand.

It is understood the fund will aim to raise a little more than its predecessor, Secondaries Investor reported in June.

Portfolio Advisors’ third private equity fund was the third-largest secondaries vehicle to hold its final close last year, collecting $1.5 billion, according to Secondaries Investor data. Landmark Partners’ 16th private equity fund was the largest with $7 billion including co-investment capital, followed by Pomona Capital’s ninth fund on $1.8 billion.