About Adams Street

• Founded: 1972

• Headquarters: Chicago, Illinois, United States

• AUM: $75bn as of 2024

• Strategy: Global secondaries, primary funds, and direct co-investments across private equity and venture capital

• Track record: Prior flagship secondaries fund closed at $5bn in 2021; consistently among the largest secondary market participants by capital deployed

• Leadership: Greg Chandler (CEO), Michael Vetrano (managing partner and head of secondaries)

Adams Street closed its latest flagship secondaries fund at $10bn, doubling the size of its 2021 vehicle. The fund focuses on LP portfolio acquisitions and GP-led continuation vehicles across global private equity and venture capital. The raise reflects sustained LP demand for secondaries exposure and Adams Street's position as one of the largest buyers in the market.

The doubling comes as secondary market volume hit record levels in 2023, driven by LP liquidity needs and GP-led transactions accounting for roughly half of all activity. Adams Street's $10bn fund ranks among the five largest secondaries vehicles closed in the past 18 months, alongside Lexington Partners X ($22bn) and Coller International Partners IX ($13bn). The scale suggests buyers are betting on persistent supply: LPs facing distribution shortfalls and GPs extending hold periods through CVs.

The pricing environment remains bifurcated. High-quality assets in technology and healthcare have traded near or above net asset value in recent quarters, while older vintage funds and energy portfolios clear at steeper discounts. Adams Street's dual mandate — LP stakes and GP-led deals — positions it to navigate both channels, but the fund's size implies it will need to deploy at a pace that could compress returns if competition for the best assets intensifies. Watch whether buyers of this scale begin shifting toward originating deals rather than bidding in crowded processes.

Source: Secondaries Investor