Abbott Capital halfway to $400 mln target on buyout F-o-F III

Firm: Abbott Capital Management LLC

Fund: Abbott Select Buyouts Fund III LP

Target: $400 million

Amount Raised: $200 million

Placement Agent: None

The New York-based fund manager disclosed in a regulatory filing in late December that it closed on $200 million from a single investor for Abbott Select Buyouts Fund III (A) LP. A note in the filing said that amounts raised by this fund would reduce, on a dollar-for-dollar basis, the total offering for the main fund.

Abbott Capital disclosed the launch of Abbott Select Buyouts Fund III LP earlier in December. The fund has a $400 million target, but no commitments had been sold yet, according to that filing.

A spokeswoman for the firm declined to comment, citing the ongoing fundraising. The firm is known to use feeder funds to direct capital to its main investing vehicles.

Abbott Capital’s funds of funds are typically diversified across a range of private equity sectors, strategies and geographies. On its website, the firm distinguishes among buyouts, venture capital and special situations as varied approaches to private equity investing. And while the firm historically has devoted more than half its funds to buyouts, it invests across the corporate life cycle, working with managers focused on stages from seed investments through recapitalizations and public companies.

Abbott Capital disclosed last April that it had begun raising Abbott Capital Private Equity Fund VII LP, with a $1 billion target, its first flagship fund since 2008, which also attracted more than $1 billion in commitments. The firm has not updated its progress on Fund VII since that filing.

Abbott Capital also offers an annual fund — it is in the market now for Abbott Capital Private Equity Investors 2014 LP — for investors that prefer to pledge capital on a yearly basis, as Buyouts has reported previously. Those annual funds typically range in size from $85 million to $150 million, depending on the appetites of its LPs.

Known LP investors in Abbott Capital funds include the Baltimore Retirement Systems, the New York State Teachers Retirement System, the Ohio Police and Fire Pension Fund and the Sacramento County Employees’ Retirement System, according to the Thomson One private equity database.

The firm appears not to be using a placement agent to help raise Buyouts Fund III, based on the filings.