Abbott Capital Management has corralled more than $1 billion for its sixth fund of funds. Its target had been $1 billion, according to data provider PE Connect.
Abbott Capital Private Equity Fund VI will invest in a mix of venture capital, growth equity, buyout and special situation funds in both the US and other developed markets. The firm’s previous vehicle closed on $805 million in 2005.
New York-based Abbott 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.
Managers backed by Abbott in recent years include The Riverside Company, GTCR Golder Rauner, Canaan Partners and First Reserve Corporation.
Abbott has been investing in private equity since its inception in 1986 and counts among its 150 clients pension schemes such as the Los Angeles Fire & Police Pension System, Alaska State Pension Investment Board and the Hawaii Employees’ Retirement System.
The firm now manages around $6.6 billion invested in more than 200 private equity funds.