Pennsylvania-based Hamilton Lane acquired Real Asset Portfolio Management for an unspecified price, but the buyer presumably used part of the $203M the company raised in its initial public offering this spring, the Portland Business Journal reports. RAPM invests in physical assets, such as precious metals, other commodities, machinery and oil, but also real estate and agricultural land.

Portland-based RAPM's real estate holdings are broad, including global core, value-add and opportunistic open-ended and commingled funds, co-investments and operating partner JVs, all involving properties in virtually every commercial property sector. It was founded in 2011.

Hamilton Lane, which dates to the early 1990s, focuses on alternative investment management, with more than $342B in total assets under management and 290 employees in offices around the world. RAPM has about $3.8B in assets.

Steve Gruber and Brent Burnett head the local firm, and will remain based in Portland and manage the new combined real assets investment team. They are also joining Hamilton Lane’s real assets investment committee.