Adams Street hits $1b hard cap on global secondary fund
Adams Street Partners has closed its Global Secondary Fund 5 at $1 billion, surpassing the $750 million target to raise the highest amount so far in its global secondary series of funds. It is the fourth global secondaries vehicle to reach a final close this year.
The PE firm manages over $25 billion for institutional investors and has approximately $2 billion in new capital to invest from its secondary program. LPs include sovereign wealth funds, public and private pension funds, insurance companies, endowments, foundations and high net-worth individuals.
The new fund will invest between $5 million and $500 million in fund interests, direct secondary transactions and general partner restructurings.
Previous secondary fundraises this year include StepStone's Secondary Opportunities Fund II, which closed at $450 million in April, exceeding the original target of $350 million; LGT Capital Partners, which closed Crown Global Secondaries III at $2 billion in February; and Deutsche Bank's Secondary Opportunities Fund II, which also closed in February, at $614 million, exceeding its target of $500 million.
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