Adams Street closes global early stage fund at $426m

LPs include both new and existing investors from the US, Canada, Germany, the UK, Japan, South Korea, and Thailand, representing public and corporate pension plans, endowments, high net worth individuals, and family offices. According to a release, the vehicle will focus on early-stage venture capital fund managers worldwide.

Adams Street recently opened an office in South Korea, its 10th globally and fourth in Asia, hoping to expand access to clients and investment opportunities in the region. The firm is credited with establishing the first private equity fund-of-funds for institutional investors, but it operates across a range of strategies, including primary and secondary fund investments, co-investments, private credit, and direct growth equity commitments.

In Asia, Adams Street has backed China and India VC funds managed by the likes Matrix Partners, IDG Capital Partners, Highlight Capital, and Kalaari Capital Partners. The region represents about 15% of Adams Street's $34 billion in global assets under management, which includes all elements of its private equity strategy.

Rather than maintain distinct funds for individual markets, Adams Street invests on a global basis, with Asian GPs seen as providing a proxy for the region's strong growth.

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• Topics
• LPs
• Fundraising
• Fund-of-funds
• Venture
• Adams Street Partners
• China
• India