Adams Street has accumulated almost half of its target for its second private equity secondary fund, according to a regulatory filing. The firm, which entered the market in Adams Street Global Opportunities Secondary Fund II in earlier this year, is seeking $600 million. The firm’s first secondary vehicle had $390 million in commitments.
To date, the firm has closed on $235 million in commitments from 17 investors. That includes Chicago Firemen’s Annuity and Benefit Fund, which pledged $7.5 million. Past backers include Illinois State Universities Retirement System, which committed $25 million to Adams Street’s first fund in 2003. Returns on that vehicle were 24.9 percent as of year-end ’07.
Formed in 2001, Adams Street was previously part-owned by UBS, which sold the firm its 24.9% stake back in 2008 for $156 million.