Abrdn raises $90m so far for latest venture capital strategy

Abrdn has raised $90.7m so far for its latest venture capital fund of funds, according to a regulatory filing with the Securities and Exchange Commission.

The fund, Abrdn Venture Partners (AVP) XIII, is targeting $250m in total.

The fund has attracted a $15m commitment from the Chicago Teachers’ Pension Fund (CTPF), according to a board meeting document from 17 February.

The pension fund previously committed $25m to AVP XI in 2019 and 2021, as well as another $25m to AVP XII.

According to the pension fund’s data, to the end of June 2021, the internal rate of return on the two vehicles was a net 67.5% with a total value paid in of 1.56x.

Abrdn declined to comment on the details of the fund, but according to CTPF documents, the strategy seeks to create a concentrated portfolio of early-stage, tech-focused life sciences and blockchain-focused managers.

AVP XIII has already committed $50m to four managers.

Abrdn’s venture capital team is led by Kirsten Morin and Peter Mooradian. To date, the team has made more than $3bn in commitments across more than 300 venture capital funds.

Abrdn, along with many other asset managers, has been expanding its private markets franchise in recent years. It recently set up a new unit to focus on taking equity stakes in private companies, according to a Bloomberg report.