Adams Street closes 2021 Global Fund on USD 832m

Harriet Matthews
21 December 2021

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Adams Street Partners has held a final close for Adams Street 2021 Global Fund with around USD 832m in capital commitments.

The fund is intended to provide its LPs with exposure to a variety of private markets strategies, including primary deals, secondaries and co-investments.

The vehicle is the successor of Adams Street 2020 Global Fund, which held a final close in December 2020 on USD 823m. The vehicle's prior iteration, Adams Street 2019 Global Fund, held a final close in December 2019 on USD 740m.

In addition to its multi-strategy funds, Adams Street manages a dedicated secondaries strategy. The GP registered Adams Street Global Secondary Fund 7 in February 2021 with a USD 1.5bn target. Its recent transactions via the strategy include backing fintech platform PPro in a EUR 160m continuation deal, as reported.

Adams Street has around USD 49bn in assets under management and has investments in 30 countries across five continents, according to a statement.

Investors
The fund is backed by public and corporate pension plans, high-net-worth individuals, foundations and endowments. The LP base comprises LPs based in North America, Europe, the Middle East and Asia.

LPs in Adams Street 2020 Global fund include the US-based Air Force Aid Society (AFAS). Investors in Adams Street 2019 Global Fund came from several UK-based public pension funds, as well as US-based pension funds like the North Dakota State Investment Board, which committed USD 75m to the fund, according to Unquote Data.

Investments
Like its predecessors, the fund will make investments across Adams Street's primary, secondary, co-investments, growth equity and private credit strategies.

The Global Fund vehicles generally dedicate 55-70% of their capital to buyouts, 25-35% to venture, and 5-20% to other funds, including private credit and secondaries, according to Unquote Data. It aims to dedicate 50% of its buyout exposure to mid-market funds, with small and large buyouts each taking 25% of its buyout allocation.

According to Unquote Data, Adams Street typically invests USD 15m-30m per deal. The GP has previously invested in vehicles including Vitruvian Investment Partnership IV and G Square Capital III.

People
Adams Street Partners – Jeff Diehl (managing partner, head of investments).