The fundraising goal for
The Chicago-based firm, one of several fund-of-funds managers that also does a healthy business in secondaries, is entering the fray at a time when many institutional investors are seeking to unload shares in private equity vehicles to gain liquidity, and discounts of 50 percent or more to net asset value are common.
Adams Street Partners intends to use the fund to acquire interests in limited partnerships operating anywhere in the world in the venture capital, buyout, mezzanine, restructuring, distressed debt and special situations subclasses.
Among backers, the
Adams Street Partners has nine investment professionals dedicated to secondaries in Chicago and London. In August, UBS Global Asset Management sold back to the firm its remaining 24.9 percent ownership interest for $156 million. Adams Street Partners was formed in 2001 via a management buyout.