
Abbott Capital closes ACE VI on $1bn-plus
Fund
Abbott Capital Management has closed its sixth fund-of-funds, Abbott Capital Private Equity Fund VI (ACE VI), on $1.02bn. The fund, which has a lifespan of 12 years and is structured as a Delaware limited liability company, held its first close in March 2008. The minimum subscription for ACE VI is $5m. Abbott Capital has committed 1% of the fund's $1bn target. Proskauer Rose's Boston and London offices provided legal advice.
Investors
The fund's LPs are made up of mainly institutional investors, including corporate and public pension plans. Approximately 70% of the investors are return backers based in the US and Europe.
Investments
Like its predecessor funds, ACE VI will seek to invest in a diversified pool of venture capital, growth equity, buyout and special situations funds in the US and other developed markets. Historically, 50% of the buyout allocation is committed to GPs based in Europe, while the venture allocation is mostly committed to US-based GPs. ACE VI plans to make 30-35 primary fund investments over the next three to four years. The fund does not make co-investments.
People
The fund is managed by Abbot Capital's eight partners and 12 investment professionals in New York.
Name: Abbott Capital Private Equity Fund VI
Closed on: $1.02
Focus: Buyouts, venture, growth capital, special situations
Contact: Jonathan Roth or Charles van Horne
Address: Abbott Capital Management LLC
1211 Avenue of the Americas, Suite 4300 New York, NY 10036-8701
Tel: +1 212 757 2700
Advisers: Proskauer Rose (Legal).
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