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Private Advisors acquires Cuyahoga Capital investment advisory business

Private Advisors has acquired the investment advisory business of Cuyahoga Capital Partners, a Cleveland, Ohio-based independent secondaries-focused private equity firm. 

As part of the transaction, Cuyahoga Capital’s investment professionals will be joining Private Advisors’ private equity team and will be focused upon the deployment of their latest secondaries fund, which recently held its final close above its USD125m target.

Cuyahoga Capital is focused on value-oriented, secondary private equity investing. The firm manages approximately USD817m, which includes approximately USD203m across its four secondary private equity funds, USD65m in one primary private equity fund of funds and USD549m in advisory relationships.

Private Advisors will be taking over as general partner for Cuyahoga’s limited partnerships and assuming management of its advisory relationships.

The two founders and principals of Cuyahoga, Bart Shirley and Chris Hanrahan, who are both joining Private Advisors, formerly managed the fund of funds unit of Key Capital Corp, a subsidiary of KeyCorp, for eight years until amicably spinning out in 2011 as Cuyahoga Capital.  They both bring significant experience and well-established relationships in primaries, secondaries and co-investments to Private Advisors’ private equity platform.

Chip Moelchert (pictured), a partner with Private Advisors, says: "In Cuyahoga, Private Advisors has chosen a well-known partner that has a skilled team and successful track record in both primary and secondary private equity markets. This strategic alliance allows us to provide investors with a more complete offering that encompasses a broader spectrum of private equity structures including primary fund investments, secondary investments and direct co-investments."

Hanrahan says: "We have invested alongside each other as limited partners in several lower middle market funds in the past and share a similar investment philosophy.  We just wrapped up fundraising for our fourth secondaries-focused private equity fund, which will allow us time to invest capital and integrate into Private Advisors’ business before raising our next fund a few years from now."

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