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Laxman Pai, Opalesque Asia: Private markets investment management firm Adams Street Partners in Chicago has raised around $3.2 billion to acquire secondhand stakes in private-equity funds, representing the largest amount the firm has collected for the strategy so far.
According to a press release from the Asset manager the seventh secondaries investment program comprises the commingled Global Secondary Fund 7 and several separate accounts tailored to specific investors.
The latest Secondaries Investment Program is 50 percent larger than the firm's previous fundraise, which included the close of Global Secondary Fund 6. The close raises total secondaries strategy assets at Adams Street to $8.2 billion.
"Demand for our Global Secondaries Investment Program demonstrates the trust that investors have in Adams Street's secondaries investment strategy," said Jeff Akers, Partner and Head of Secondary Investments.
"The aggregate fundraise exceeded our expectations and leaves the team well positioned to capitalize on our strategy in today's evolving market," Jeff added.
"Adams Street's diversified platform and deep relationships globally generate a secondaries deal pipeline that enables our team to move quickly and with conviction during periods of uncertainty," said Jeff Diehl, Managing Partner and Head of Investments. "We continue to find attractive secondary investment opportunities as volatility leads to change and dislocation in several sectors globally." ...................... To view our full article Click here
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