Adams Street closes 2023 Global Fund on $820m

Adams Street Partners has closed its 2023 Global Fund with $820 million in committed capital, according to a statement.

The fund will invest across multiple private market strategies including primaries, secondaries, co-investments, growth equity and private credit. The investments will span North America, Europe and Asia. The firm has not disclosed how much will be allocated to secondaries.

The Global Fund Program, which was established by the Chicago-based investment manager in 1996, aims to beat the stock market by 3-5 percentage points on an annual basis, according to the statement.

The close marks a 25 percent drop in capital raised by its predecessor: the programme raised $1.1 billion via the final close on its 2022 Global Fund in November last year and $832 million through its 2021 Global Fund the year prior.

“Adams Street’s focus is now to build on the Global Fund’s goal of delivering strong returns, aiming to exceed our peers and public equity comparison,” said Jeff Diehl, managing partner and head of investments at Adams Street.

Investors in the 2023 Global Fund include public and corporate pensions plans, foundations, endowments, insurance companies and high-net-worth individuals.

“Our fundamental approach is to partner with top-tier general partners and business owners to drive returns for our clients,” said Miguel Gonzalo, partner and head of investment strategy and risk at Adams Street. “We focus on seeking exposure to companies that drive value by growing market share and revenue.”

The firm has been an active player in the secondaries space. The firm closed on its latest dedicated secondaries programme in May, having raised $3.2 billion in total. This included the final close of Global Secondary Fund 7, which secured 50 percent more capital than its predecessor.

Adams Street has more than $58 billion in assets under management, according to the statement.