RCP Advisors closed RCPDirect V with $994m in total commitments, surpassing its $800m target and further strengthening its focus on North American lower middle market co-investments.

The oversubscribed fund attracted a diverse group of limited partners, including family offices, insurance companies, public pension plans, endowments, foundations, and high-net-worth individuals. Both new and returning investors contributed to the successful raise.

RCPDirect V will focus on making minority equity investments of $7.5m to $40m in companies with enterprise values ranging from $25m to $500m. The fund will generally co-invest alongside lead buyout managers raising between $100m and $1bn.

Founded in 2001, RCP Advisors provides access to small buyout managers through a range of strategies including primary, secondary, and co-investment funds. The firm also offers tailored solutions and research services to institutional clients.

As of April 2025, RCP Advisors manages over $16.8bn in committed capital across its platform and employs 56 full-time professionals.

The close of RCPDirect V reflects continued institutional appetite for co-investment strategies in the lower mid-market, where private equity firms can access differentiated deal flow and attractive entry points with experienced sponsors.