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ABS Capital closes growth fund on $500m

2 Nov 2011

After only six months on the market, late-stage growth investor ABS Capital Partners has hit its $500m hard cap for its seventh fund, ABS Capital Partners VII.

ABS VII was launched in May this year and closed $100m above the firm’s target. The US-based firm’s previous fund, ABS VI, closed in 2009 on $420m.

LPs in ABS VII consist largely of long-time investors in previous funds, including fund of funds, pension funds, endowments, foundations, and family offices such as Abbott Capital, Johns Hopkins University and WP Global Partners as well as new investors to the fund such as Top Tier Capital Partners and The Wellcome Trust.

Phil Clough, a managing general partner at ABS, said, “Our previous funds have produced strong returns for our Limited Partners (LPs). Those steady exits along with our manageable fund sizes, a consistent focus on growth companies, and depth of experience on the team all contributed to the success we had with this fundraise. We are fortunate to have a very engaged group of LPs who completed their diligence and committed to us early.”

Managing general partner John Stobo added, “Despite the mixed economic headlines, we still see many businesses with sizeable growth opportunities that are looking for a partner to help them to capitalise and reach that next level in their business.

“it has been our view that in good times and bad, growth is always valued in the exit markets.”

ABS Capital Partners has raised more than $2.5bn since 1990. It invests in later-stage growth companies in the business and education services, health care, media and communications and technology sectors.

The firm has exited more than 70 companies including American Public Education, Liquidity Services, Neustar, and, most recently, Innovation Interactive, Cobalt Group, Metastorm and Restaurant Technologies, which was sold to EQT Infrastructure Fund.

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