Abbott Capital Management, a fund of funds manager, has hit the market with its debut dedicated secondaries fund and raised $102.5 million.
The New York-based firm has received commitments from four investors so far for Abbott Secondary Opportunities, according to a filing with the US Securities and Exchange Commission. The fund’s first date of sale was in March.
“Abbott has been making secondary investments since 1987, and we believe our platform is well suited for continuing to find and benefit from inefficiencies in the current secondaries market,” Jonathan Roth, managing director and president, told Secondaries Investor. The firm declined to comment on the fundraising.
It was not clear how much the firm is seeking for the fund.
In addition to secondaries, Abbott invests in buyout, growth equity, venture capital and special situations, according to its website. In January 2015, the firm’s director Martha Cassidy told Secondaries Investor it was planning on increasing its secondaries investments to between $50 million and $100 million each year.
Abbott’s annual funds typically make both primary and secondaries investments in private equity funds and have ranged in size between $80 million and $150 million in recent years, according to PEI data.
Abbott was founded in 1986 and manages over $7 billion in private equity assets, according to its website.
This story was updated with a comment from the firm.