Chicago firm Adams Street Partners raised more than $3.2 billion in its latest secondaries offering — a 50% increase from the firm’s prior program.
The asset flows included the successful close of Global Secondary Fund 7, in addition to separately managed accounts and other commingled vehicles in secondary transactions along Fund 7 that have closed since the firm’s last flagship fund, Global Secondary Fund 6.
Last November, the firm closed its 2022 Global Fund Program, which also includes primaries and secondaries at $1 billion. Adams Street officials described strong secondaries demand from both new and existing investors globally and with latest close the $54 billion firm’s secondaries strategy now totals $8.2 billion.
“Demand for our Global Secondaries Investment Program demonstrates the trust that investors have in Adams Street’s secondaries investment strategy,” said Jeff Akers, partner and head of secondary investments. “The aggregate fundraise exceeded our expectations and leaves the team well positioned to capitalize on our strategy in today’s evolving market.”
Citing data from Burgiss, officials said that the predecessor offering — Global Secondary Fund 6 — has consistently outperformed its peers, ranking in the top quartile since closing in 2019.
“Adams Street’s diversified platform and deep relationships globally generate a secondaries deal pipeline that enables our team to move quickly and with conviction during periods of uncertainty,” said Jeff Diehl, managing partner and head of investments. “We continue to find attractive secondary investment opportunities as volatility leads to change and dislocation in several sectors globally.”