Chicago-based Adams Street Partners, a $25 billion global private equity firm, is reshuffling staff after CIO Hanneke Smits announced she would be resigning at the end of this year. Smits has been with Adams Street since 1997, but wants to move on to other opportunities outside of the private equity industry.
No new CIO has been announced. A spokesperson for the firm said that they were assessing individual skillsets for fit, and are splitting responsibilities among the executive team in the interim. Kelly Meldrum, a partner in the firm’s Menlo Park, California office will be promoted to head of the Primary Investment Team.
Meldrum joined the firm in 2006, and is currently responsible for managing relationships with many of Adams Street’s General Partners, and sits on advisory boards for ten private equity firms within the Adams Street Partners portfolio. In her new role, she will assume a significant portion of Smits responsibilities as she transitions out of her role as head of the Primary Team.
Jeff Diehl, a partner from the venture capital group will join the Executive Committee effective immediately. Diehl has served on the strategic advisory committee for the past six years as well as being involved with Adams Street’s venture capital, growth equity, and LBO transactions.
Smits opened Adams Street’s first non-US office in London in 1997. The firm now maintains six offices worldwide. “Hanneke deserves enormous credit for this expansion and success,” Bon French, Adams Street CEO said in a statement. “Hanneke and I will be working closely during the remainder of the year as she works through this transition period. We are sorry that Hanneke has decided to leave Adams Street but wish her all the best in her future endeavors.”