Adams Street Partners‘ latest secondaries fund has held a first close on $201 million, according to a filing with the US Securities and Exchange Commission.
The date of first sale for Adams Street Global Secondary Fund 6 was 31 March and Adams Street intends for the offering to last more than one year, the filing shows.
Kalorama Capital, a Washington, DC-headquartered boutique investment bank and placement agent, is worked on the fundraise.
Secondaries Investor revealed in March that Fund 6 will target $1.2 billion, 60 percent more than the target of Adams Street’s 2012-vintage Fund 5, which closed above its $750 million target on $1.1 billion in 2013.
Investors so far in Fund 6 include Minnesota State Board of Investment, which committed $100 million, according to Private Equity International data.
A memo produced by the Minnesota State Board of Investment, seen in March by Secondaries Investor, revealed that Fund 6Â will focus on acquiring stakes that are between three and eight years old.
The management team is contributing 1 percent to the fund and will levy a management fee of 1 percent on the first $25 million committed by a limited partner, with reductions on the fee down to 0.5 percent on capital between $100 million and $150 million, and 0.4 percent on amounts over $150 million.
Chicago-headquartered Adams Street will invest in fund interests, direct secondaries transactions and GP-led transactions with its latest fund, Secondaries Investor understands.
Adams Street declined to comment.