Adams Street collects $820m for secondaries Fund 6

The fund is seeking $1.2bn to invest in LP stakes, directs and GP-led transactions in funds of between three and eight years of age.

Adams Street Partners is approaching the three-quarter mark on its latest secondaries fundraise.

The Chicago-headquartered firm has raised $819.59 million for Adams Street Global Secondary Fund 6, according to a filing with the Securities and Exchange Commission. Kalorama Capital, a Washington DC boutique investment bank and placement agent, is working on the fundraise.

The fund hit a $201 million first close in June 2017 and received its first commitment on 31 March, Secondaries Investor reported.

Secondaries Investor revealed in March 2017 that Fund 6 will target $1.2 billion, 60 percent more than Adams Street’s 2012-vintage Fund 5, which closed above its $750 million target on $1.1 billion in 2013.

A memo produced by the Minnesota State Board of Investment, seen by Secondaries Investor, revealed that Fund 6 will acquire stakes that are between three and eight years old. It can invest in fund interests, direct secondaries transactions and GP-led transactions.

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. The fee goes down to 0.5 percent on capital between $100 million and $150 million, and 0.4 percent on amounts over $150 million, the memo revealed.

Adams Street declined to comment on the fundraise.