Abbott Capital Sets Sights On $1B For Fund VI

Firm: Abbott Capital Management LLC
Fund: Abbott Capital Private Equity Fund VI LP
Target: $1 billion
Legal Adviser: Proskauer Rose LLP

Abbott Capital Management LLC is back in the fundraising market, seeking $1 billion for its sixth fund of funds.

The New York-based adviser traditionally invests in a mix of buyout, special situations, early-stage and late-stage growth funds, backing between 20 and 30 general partners with each fund. Expect Abbott Capital Private Equity Fund VI LP to hew to that strategy, with a third of the fund earmarked for buyouts, a third for special situations and a third for venture capital.

The firm raised more than $850 million for its fifth fund, which closed in 2005 well north of the $750 million target. That vehicle charted a slightly different course from the firm’s earlier funds by focusing more on investments outside the United States, with between 20 percent and 25 percent deployed to European private equity funds. The new fund will continue in that vein, with 75 percent of the fund reserved for North American investments and 25 percent earmarked for international funds.

In the past, Abbott Capital has backed such fund managers as Apax Partners, Cinven Group Ltd., GTCR Golder Rauner LLC, Madison Dearborn Partners LLC, Oak Investment Partners, Riverside Partners LLC, Sentinel Capital Partners, TA Associates Inc. and Warburg Pincus LLC. The firm is also known to make occasional co-investments.

So far, California-based Kern County Employees’ Retirement Association has committed $50 million to the new fund and Sacramento County Employees’ Retirement System has kicked in $75 million. Investors in prior Abbott Capital vehicles include the Ford Family Foundation, John Hancock Mutual Life Insurance, Hanover College Endowment, SC Johnson & Son Inc., Kansas City Police Retirement System, New York State Teachers’ Retirement System, Ohio Police and Fire Pension Fund, Orange County Employees’ Retirement System and the College of Wooster.

Abbott Capital was founded in 1986 and has eight investment professionals on staff.—J.P.