ABRY targets $950m for senior equity fund

Aiming to raise $200m more than its predecessor, ABRY Senior Equity IV recently received a $25m commitment from the Illinois Municipal Retirement Fund.

ABRY Partners is targeting $950 million for its latest senior equity fund, according to documents filed with the US Securities and Exchange Commission.

ABRY Senior Equity IV will invest in companies in the media, communications, information and business services industries. Last month, the Illinois Municipal Retirement Fund committed $25 million to Fund IV. IMRF had previously invested in ABRY’s seven private equity funds through separate accounts managed by Abbott Capital and Pantheon Ventures.

ABRY’s current buyout fund, ABRY Partners VII, is a 2011-vintage that collected $1.6 billion.

ABRY was unavailable for comment at press time.

The firm’s senior equity funds invest between $15 million and $50 million in both companies the firm owns through its private equity funds and businesses owned by others. Investments are typically non-cash or partial-cash paying stock or subordinated debt.

ABRY’s third senior equity fund collected $750 million in 2010. Limited partners in the fund include the New York State Teachers’ Retirement System, Pantheon, the San Francisco Employees’ Retirement System and the Employees’ Retirement System of the State of Hawaii.

ABRY began raising its senior equity funds 2001 with its $500 million ABRY Mezzanine Partners vehicle. The firm also manages two senior debt funds, which raised $700 million in 2008 and $1.2 billion in 2011.

In 2012, ABRY has invested in Refresh Dental, which provides front and back office management services to dental practices in the US, American CyberSystems, a business information services company, and SourceMedical, which provides outpatient information solutions and revenue cycle management services for healthcare companies.

The firm has completed more than $36 billion of leveraged deals and other private equity, mezzanine and preferred equity placements since its founding in 1989, according to its website.