ABS Capital Partners Said to Offer Backers Exit From 2009 Fundby
Growth equity firm said to work with Credit Suisse on process
Baltimore-based ABS owns stakes in Viventium and Iso Group
ABS Capital Partners, a Baltimore-based growth capital firm, has offered investors the chance to exit its 2009 fund, people familiar with the process said.
The firm, which is working with Credit Suisse Group AG, is offering backers the chance to cash out of its sixth pool, ABS Capital Partners VI, said the people, who asked not to be named because the process is private.
ABS raised $420 million for the pool, according to data compiled by Bloomberg. The fund’s performance is ranked in the third quartile of peers of a similar size and age, the data show.
Spokesmen for ABS and Credit Suisse declined to comment.
Early fund exits, known as secondary offerings, have become more common in recent years as the universe of buyers has widened and clients accept the benefits of exiting before all assets are sold, though the investors typically sell out at a discount. Terra Firma Capital Partners, JC Flowers & Co. and Yucaipa have all explored the option in the past year.
ABS, which raised its first fund in 1994, focuses on providing growth capital to companies in the business and education services, information technology and health-care industries. The firm holds stakes in cloud-based payroll provider Viventium and aerospace and defense spare-parts maker ISO Group, among other companies, according to its website.