Portfolio Advisors has closed its largest real estate fund-of-funds at $437m (€396m).

The independent investment manager said its PAREF V vehicle attracted  private and public pension plans, university endowments, private foundations, insurance companies and family offices.

Around 80% of the total raise came from investors who had previously backed the company’s funds.

The vehicle, the manager’s fifth, will invest in primary funds, secondaries and co-investments.

PAREF IV, a $400m fund, closed in 2011.

The latest fund has made nine primary fund commitments and taken 21 partnership interests on the secondary market, in addition to participating in seven direct co-investments.

The fund invests across different strategies and geographies, including the Global Diversified, US only and/or non-US sectors in any proportion.

Investors can also allocate all or a portion of their commitments to the secondary/co-investment sector of the fund.

Kenneth Wisdom, head of real estate at Portfolio Advisors, said: “We remain committed to delivering attractive returns while prudently managing risk.”