Fund-of-funds manager Adams Street Partners has held a $426m final close for Adams Street Venture Innovation Fund II, a vehicle targeting early-stage VC funds.
The fund will be managed by Adams Street's offices in Chicago, Beijing, Boston, London, Menlo Park and Singapore.
Since opening its first European office in London in 1996, Adams Street has committed to more than 200 European primary funds and has advisory board seats on 130 funds.
Recent funds to have received commitments from the firm include G Square Capital III, Investindustrial Growth Fund, Waterland Private Equity Fund VII and Investindustrial IV Build-Up Fund, according to Unquote Data.
Unquote recently spoke to Ross Morrison, a partner at the firm, for its LP Profile series.
Adams Street Venture Innovation Fund II received commitments from new and existing LPs from the US, Canada, Germany, the UK, Japan, South Korea and Thailand. Investors in the vehicle include public and corporate pension plans, high-net-worth individuals, family offices and endowments.
The fund has a global remit and will focus on early-stage venture fund managers.
Adams Street Partners – Brijesh Jeevarathnam (primary team partner); Kelly Meldrum (head of primary investments).
Managing director Craig Ferguson discusses accelerated deployment activity during the pandemic and plans to scale up the PE allocation by 2025
Fund has a target of $600m, which it plans to reach by next year, according to Kommersant
Existing investors including Institut Català de Finances also take part in the financing
Biotech company initially raised €12m in December 2018