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Veteran firm Adams Street hits $1bn hard cap for fifth secondaries fund

8 May 2013

money dollar lend borrowSecondaries pioneer Adams Street Partners has hit its $1bn hard cap for its latest vehicle aimed at helping LPs exit their investments in private equity funds.

Adams Street Global Secondary Fund 5 brings the US-based firm’s available secondary capital to about $2bn.

It said the fund beat its $750m target thanks to commitments from a diversified mix of LPs including sovereign wealth funds, public and private pension funds, insurance companies, endowments, foundations and high net worth individuals.

The firm was one of the first in the world to dip its toes into the secondaries market, closing its first transaction in 1986.

It is also widely recognised as the oldest fund of funds manager in the industry, having set up its first fund for LPs in 1979.

Earlier this year the firm used capital from its fund of funds programme to back early-stage venture capital firm Ignition Partners as it closed its fifth fund on $150m.

The Washington-based firm, which was co-founded by former Microsoft Windows veteran Brad Silverberg, collected $400m for its last vehicle in 2007, and $285m for its first institutional fund in 2001.

Reducing the fund target helped Ignition complete a fast fundraise, however, with the Ignition Venture Partners V becoming oversubscribed in less than three months.

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