Abbott Capital closes ACE VI on $1bn-plus

01 June 2009

Tweet
Facebook
LinkedIn
Google plus
Send to

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).