Adams Street holds $201m first close on Fund 6

The investment manager's latest secondaries vehicle is seeking 60% more than the target of its predecessor 2012-vintage fund.

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 6 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.