Abbott Collects $110M In Six Months

Firm: Abbott Capital Management LLC

Fund: Abbott Capital Private Equity Investors 2010

Amount Raised: $110 million

Target: $110 million

Placement Agent: None

Funds-of-funds manager Abbott Capital Management LLC appears to have met the fundraising goal for its latest private equity investment vehicle, though confirmation of a final close could not be obtained from the firm.

The New York-based shop has collected commitments totaling $110 million for Abbott Capital Private Equity Investors 2010, which is the same amount listed as the vehicle’s “total offering amount,” according to a regulatory filing dated June 7. No placement agent was used.

Buyouts previously reported that the Orange County Employees Retirement System pledged $75 million to the new fund of funds in late 2009. The $8 billion pension system had pledged the same amount to Abbott Capital’s 2009 fund.

The new pool of capital is earmarked for commitments to buyout, venture capital and special situation funds. Within that, the firm diversifies its vehicles through industry sectors like consumer products, financial services, health care and media.

An executive at Abbott Capital declined via email to comment for this story. The firm held its annual investor meeting on June 10 and June 11.

If the new fund of funds has indeed held a final close, it would represent a relatively speedy capital-raise in a market characterized by protracted fundraisings and discriminating limited partners. Abbott Capital Private Equity Investors 2010 officially collected its first pledge on Dec. 17, 2009, and there are no remaining LP interests to be sold, according to the regulatory filing.

Abbott Capital was formed in 1986 by Co-Founding Directors Raymond L. Held and Stanley E. Pratt. Prior to launching Abbott Capital, Held had been a senior vice president in the venture capital group of Manufactures Hanover Investment Corp., while Pratt was the chairman of Venture Economics and editor of Pratt’s Guide to Venture Capital Sources, both of which are products of Thomson Reuters (publisher of Buyouts). Pratt also served as publisher and editor of Venture Capital Journal, a sister publication of Buyouts.