Fleet Fund-of-Funds Eyes December Wrap –

PROVIDENCE, R.I. – Chisholm Fund Partners, Fleet Equity Partners’ new fund-of-funds for individuals and small institutional clients, in November held a $20 million initial close as it eyed a final wrap in December.

Launched in April 1998, Chisholm Fund Partners’ strategy is a departure from the $35 million Chisholm Partners III and its predecessors. The earlier Chisholm vehicles invested alongside Fleet’s direct deals, while the new fund will invest in limited partnerships to which the bank has committed.

“They share a common name, but they do completely different things,” said Tom Laders, a Fleet vice president and the fund’s manager.

The fund-of-funds will invest in vehicles that specialize in venture capital, leveraged buyouts and growth equity. Chisholm has no particular industry focus. It may invest as much as 15% outside the United States, although domestic partnerships are its primary focus.

Chisholm is managed by Mr. Laders and Anne Collins, another Fleet vice president. Mr. Laders expects the fund to close somewhere within its $25 million to $50 million target range.