Abbott raises $110M for FoF

Funds of funds manager Abbott Capital Management 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.

An executive at New York-based Abbott Capital declined via email to comment for this story.

As previously reported, 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, such as consumer products, financial services, health care and media.

The recent close represents a relatively speedy capital raise in a market characterized by protracted fund-raising processes and discriminating limited partners. Abbott Capital Private Equity Investors 2010 officially collected its first pledge on Dec. 17, and there are no remaining limited partner interests to be sold, according to the regulatory filing.

In early 2009, Abbott Capital secured slightly more than $1 billion in pledges for Abbott Capital Private Equity Fund VI, reaching the target for that investment vehicle. Predecessor vehicle Abbott Capital Private Equity Fund V closed in January 2006 with $858 million, well beyond the target of $750 million. Other funds managed by the firm include Abbott Capital Select Buyouts Fund, a $300 million pool it uses to commit to mostly sub-$1 billion funds.

Abbott Capital was formed in 1986 by Co-Founding Directors Raymond Held and Stanley 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 PE Week). Pratt also served as publisher and editor of Venture Capital Journal, an affiliate publication of PE Week. —Ari Nathanson