Adams Street raises $470m towards 2017 Global Fund

The fund is understood to be structured similarly to previous Adams Street annual funds. LPs can invest in the Global Fund, commitments to which are allocated in a fixed ratio between the US Fund, Non-US Fund and Direct Fund, or can commit to the underlying funds directly.

According to publicly available documents, the fund will invest over a three-year period, targeting a deployment of 45% in year one, 40% in year two, and 15% in year three. During the first three years, management fees will be charged on capital committed to underlying investments, averaging 69 basis points for the first $25m, and decreasing with additional commitments.

Carry will vary depending on the underlying investment, with 10% charged on secondary and co-investments, 15% on private market management and private credit investments – both above a 7% hurdle – and no carry on primary investments.

Commitments to the direct fund will be charged a 2% annual management fee, and subject to 20% carried interest.

For full details of the terms for Adams Street 2017 Global Fund, see the dedicated fund profile on unquote" data.

The Global Fund will invest between 60-70% in North America, 20-30% in developed markets and 10-15% in developing markets.

A spokesperson for Adams Street declined to comment.

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• Topics
• Fund-of-funds
• LPs
• Funds-of-Funds
• Adams Street Partners