Adams Street targets $800m for 2018 programme

Adams Street held a first close on $125m in December 2017 and had raised $225m by April 2018, with rolling closes expected throughout the year, Unquote understands.

The asset manager has raised between $700m-2bn for the strategy every year since 2007. The fund keeps the strategy of the previous programmes and allocates 55% to US funds, 35% to non-US funds and up to 10% for direct venture or growth transactions.

The programme targets a net IRR of 13-18% and charges a management fee of 1% for the minimum commitment of $25m, reducing at intervals to 0.4% for a commitment in excess of $150m.

Carry is not charged on primary fund investments but will be paid at 10% on secondaries and co-investments and 15% on private credit investments after a 7% hurdle, and at 20% on direct venture and growth investments.

The vehicle will be permitted to use fund financing, providing that the aggregate outstanding amount does not exceed 30% of the fund commitments.

Investors
The fund's predecessors have attracted commitments from a range of international LPs, including US- and UK-based pension funds and endowments. The State Universities Retirement Systems of Illinois made a $150m commitment to the 2017 vintage and was considering a $90m commitment to the latest strategy.

Investments
The US funds allocation will comprise 50-70% buyout funds, 20-35% venture and 5-20% other; the non-US funds allocation will comprise 55-75% buyouts, 15-30% venture and 5-20% other; and the direct venture and growth allocation will be invested in 6-12 companies and invest no more than 15% of its capital in a single portfolio company.

People
Adams Street Partners – Bon French (chair); Jeff Diehl (managing partner); Kelly Meldrum, Jeff Akers, David Brett, Terry Gould, Bill Sacher (partners).

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