Abbott corrals $805m

Abbott Capital Management held an $805m close on its fifth private equity fund of funds, surpassing a $750m target.

New York-based advisory Abbott Capital Management has closed on $805 million (€681 million) for its latest private equity fund of funds, Abbott Capital Private Equity Fund V, LP. The firm had originally specified a target of $750 million.

Raymond Held, managing director, Abbott Capital

According to the most recent SEC filing from Abbott, dated October 11, the firm was seeking a minimum of $5 million for limited-partner interests in the new vehicle, which ultimately brought in 54 investors. Abbott did not use a placement agent for the fundraising.

The new fund of funds surpasses past vehicles from Abbott. The firm’s previous fund, a 2001-vintage vehicle, was capitalised with $730 million in commitments, while its 1999 third fund was a $473 million vehicle.

Abbott was founded in 1986 by Raymond Held and Stanley Pratt, the eponymous former editor of Pratt’s Guide to Venture Capital Sources.

Held is still active at the firm, while Pratt has since retired. Abbott has filled out its staff with managing directors Thaddeus Gray, Jonathan Roth, Kathryn Stokel, Lauren Massey, and Charles van Horne.

The firm focuses on buyout, venture capital and special situation funds, and will invest in both domestic and international vehicles. Historically, Abbott has split up its allocation to each asset class fairly evenly, with a small chunk set aside for co-investments.

Past investments from Abbott include funds from Sentinel Capital Partners, Trident Capital, Warburg Pincus, Thomas H. Lee Partners, Welsh Carson Anderson & Stowe, Cinven, Apollo Management and InterWest Partners, among others.

Calls to Abbott were not returned by press time.