Adams Street seeks almost $5bn by 2021

The investment manager is in market with eight funds including a dedicated Asia fund, a 2020 global fund and its third venture vehicle.

Adams Street Partners expects to gather up to $4.6 billion across eight of its funds by the middle of next year.

Among these vehicles are its 2020 Global Fund which has an $800 million target; Asia Fund 2020, which launched last year with a $200 million target and Venture Innovation Fund III, which is targeting up to $525 million, according to documents prepared for Ventura County Employees Retirement Association from February.

The Chicago-headquartered firm is also in market with its US Small Market Buyout Fund II, which is seeking $350 million; Growth Equity fund VII which has a $300 million target; and a Co-investment Select Fund, which has a $250 million target.

Its Private Credit Fund II is the largest among the firm’s latest offerings, which was launched in 2019 with a $2 billion target.

The firm is also in market with its Leaders Fund 2020, which will back “sought-after venture co-investment opportunities from select venture capital managers”. That fund is targeting $200 million.

Most funds are targeting net returns of at least 15 percent, according to the documents.

The documents also show the Adams Street is expecting to launch a secondaries fund this year, although the target was not disclosed. In June last year, it raised $1.05 billion for Global Secondary Fund 6.

The firm expects to hit final closes for half of these funds by late 2020 and the remainder by mid-2021, according to a source with knowledge of the fundraising. Client appetite for the firm’s funds appears to have been “reasonably steady” the source said, adding that fundraising could slow down due to the impact of the pandemic.

Adams Street declined to comment on fundraising.

Adams Street, which ranked 55th in the latest PEI 300, raised $9.5 billion in the past five years to March. The majority of its funds in market were launched in 2019.

PE fundraising had a strong start to the year with $124 billion raised across 184 vehicles as of end-March – the highest first quarter total since 2017. The impact of the pandemic is expected to extend fundraising deadlines by at least three months, placement agent sources told Private Equity International in April, with travel restrictions still in place and LPs reappraising their priorities for the second half of this year.