Abacus Finance Group closed Abacus Finance SBIC Fund I, raising $87.5 million in private capital for a total fund size of $262.5 million. The fund was oversubscribed and ultimately hit the hard cap. The fund leverages the U.S. Small Business Administration’s Small Business Investment Company (SBIC) program, which provides government backing to enhance the fund’s capacity to support growing small businesses. Abacus SBIC is led by Tim Clifford, Sean McKeever, Seth Friedman and Eric Petersen, who, combined, have more than 125 years of total investment experience lending to U.S.-based small businesses.
The fund received support from a diverse investor base spanning the high-net-worth community and institutional investors, including commercial banks, endowments, family offices and insurance companies.
“We are incredibly grateful for the overwhelming support we’ve received in launching our first fund,” Clifford, CEO and founding partner of Abacus, said. “Achieving this successful closing as a first-time fund manager speaks to the confidence our investors have placed in our team and our commitment to supporting the growth of small businesses across the country. This milestone positions us to make meaningful investments that will drive job creation and economic growth.”
Sean McKeever, president and founding partner of Abacus, said, “The SBIC program provides us with a unique opportunity to amplify our impact in the small business community. With this enhanced capital base, we can support entrepreneurs who might otherwise struggle to access the growth capital they need. Our focus remains on identifying businesses with strong fundamentals and exceptional management teams that are positioned to create sustainable value and meaningful employment opportunities.”
Friedman, managing director at Abacus, said, “We are deeply appreciative of the tremendous support we have received from our limited partners, who share our vision vis-à-vis empowering small business growth. Additionally, we are grateful for the partnership and support of the Small Business Administration, whose SBIC program enables us to provide much-needed capital to underserved markets and deserving entrepreneurs.”
Petersen, managing director at Abacus, said, “We see tremendous potential in the small and medium-sized business sector, particularly in companies that are generating positive cash flow but need capital to accelerate their growth trajectory. Our disciplined investment process focuses on businesses where we can add real value beyond just capital, whether through operational expertise, strategic guidance or helping them access new markets. This fund positions us to be true partners with management teams as they scale their operations.”
Abacus has already deployed approximately 40% of its inaugural fund across multiple separate portfolio company investments. The Abacus team anticipates deploying the remaining capital in the fund over the next 9 – 18 months, focusing on supporting businesses that demonstrate strong growth potential and the ability to create jobs in their communities.
