Abbott Capital cuts target for seventh fund of funds to $500m


new york 5_sqPrivate equity firm Abbott Capital Management is now seeking $500m for its seventh fund of funds vehicle, which previously targeted $1bn.

Abbott Capital Private Equity Fund VII has secured $218.75m towards its $500m target from 14 LPs, according to a document filed with the US Securities and Exchange Commission.

A year ago AltAssets reported that Abbott was seeking $1bn for its latest fund of funds, about a third of which it planned to raise form offshore investors.

Regulatory filings showed that the vehicle was targeting $1bn, aiming to raise $300m via its Caymans-registered parallel vehicle.

Abbott, which is focused on private equity, venture capital and special situations fund investments, currently has around $7bn under management.

LPs in previous funds have included the Orange County Employees’ Retirement System and the New York State Teachers Retirement System.

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