Abacus Finance Group has announced the final close of its Small Business Investment Company (SBIC) Fund I at $262.5m (£196m), raising $87.5m in private capital.
The fund, which is led by Tim Clifford, Sean McKeever, Seth Friedman and Eric Petersen, was oversubscribed and hit its hard cap.
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It leverages the US Small Business Administration’s SBIC programme, which provides government backing to enhance the fund’s capacity to support growing small businesses.
The firm said the fund received support from a diverse investor base of high-net-worth and institutional investors, including commercial banks, endowments, family offices and insurance companies.
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“The SBIC program provides us with a unique opportunity to amplify our impact in the small business community,” said McKeever.
“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.”
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