Media-focused buyout shop
The fund will provide mezzanine debt to back ABRY Partners’ buyouts, in addition to providing growth capital to mid-market media companies.
The firm will receive an initial management fee of 1.5% of total commitments, 1.5% of “capital under management after a limited investment period,” and carried interest of 20%, according to the filing.
Boston-based ABRY Partners specializes in media, communications, business and information services, making investments of $15 million to $50 million worth of mezzanine or senior equity capital per deal.
In March, the firm acquired RCN Corp., a broadband services provider, for about $1.2 billion, including the company’s debt, via ABRY Partners VI, a $1.35 billion buyout fund, and ABRY Senior Equity Investors III.
ABRY Senior Equity Investors II closed in 2005 with $650 million in capital commitments made by LPs such as the New York State Teachers Retirement System and the Pennsylvania State Employees’ Retirement System.
Andrew Banks and Royce Yudkoff founded ABRY Partners, whose name is an acronym of their initials, in 1989 after they left their positions as co-heads of the media practice at consultancy Bain & Co. —Nancy Gordon