Private equity firm Adams Street Partners has made a number of executive changes to its team. The firm has promoted Jeff Diehl to head of investments while Miguel Gonzalo has been named head of investment strategy. Also, Ray Chan has become the head of risk management and advanced analytics. And, Kelly Meldrum, who was recently promoted to head the firm’s primary investment team, has begun to chair the primary investment committee as Chief Investment Officer Hanneke Smits transitions out of her duties.
Chicago, IL – September 15, 2014 – Adams Street Partners, LLC (“ASP”), a global private equity firm, has announced the following organizational changes:
• Jeff Diehl, a Partner on the Direct Venture Capital/Growth Equity Team has been promoted to the role of Head of Investments. As Head of Investments, Jeff will be responsible for all elements of Adams Street Partners’ investment process including the teams and strategies, and will have ultimate responsibility for the investment performance generated by the firm. One of Jeff’s duties as Head of Investments will be to chair Adams Street Partners’ Portfolio Construction Committee (PCC). Jeff will join current PCC members and Partners Miguel Gonzalo, CFA, and Ray Chan, CFA, FRM, and will continue to gather input from Adams Street’s senior investment professionals.
Jeff joined Adams Street in 2000 and has established a superior investment track record leading a number of venture capital/growth equity and LBO co-investment transactions. Jeff has served on Adams Street’s Strategic Advisory Committee for the last six years, and has also served on numerous taskforces and internal committees, including the Portfolio Construction Committee. Before joining Adams Street, Jeff served as a Principal for The Parthenon Group, a Boston-based strategy consulting and principal investing firm with Bain Consulting roots.
Before Parthenon, Jeff served as a management consultant for Spire Group, a boutique consulting firm focused on advising business and consumer service firms in the Fortune 500.
• Effective immediately, Miguel Gonzalo will assume the title of Head of Investment Strategy. Miguel joined Adam Street Partner’s predecessor organization Brinson Partners/UBS in 1993. Prior to joining the Private Equity Group in 2000, Miguel was a member of the Asset Allocation Team. At Adams Street Partners, Miguel has worked closely with many of Adam Street Partners’ clients as a senior member of our Account Management Team.
• Ray Chan has been named to the title of Head of Risk Management and Advanced Analytics. Ray’s expanded role highlights Adams Street Partners’ commitment to investment risk management in the process of building portfolios that meet clients’ risk/return objectives. Ray joined Adams Street in 2003 after working eleven years at Brinson Partners/UBS. Ray served as Managing Director/Head of Investment Capabilities at UBS Global Asset Management.
• Kelly Meldrum, who was promoted to the Head of Adams Street Partners’ Primary Investment Team in July, has begun to chair the Primary Investment Committee as Chief Investment Officer Hanneke Smits transitions out of her responsibilities. Kelly joined Adams Street Partners in 2006 when she opened the firm’s Menlo Park office. As a Partner on the Primary Investment Team, Kelly is responsible for managing the relationships with many of Adams Street’s general partners. Prior to joining Adams Street Partners, Kelly was the Director of Private Equity for the William and Flora Hewlett Foundation where she was responsible for the development and implementation of a high-quality private equity fund investment program. Prior to that she worked as a senior investment analyst with the Hewlett Packard Corporation, where she managed a portfolio of venture capital partnership interests. Prior to Hewlett Packard, Kelly worked in the Venture Capital Group at Morgan Stanley & Company.
Bon French, CEO of Adams Street commented on the changes:
“As he undertakes this new endeavor, Jeff will be working with deep and talented investment teams around the world. As a member of our Strategic Advisory Committee, Jeff has distinguished himself consistently as one of our best strategic thinkers. He has also served on numerous taskforces and internal committees, including the Portfolio Construction Committee, that have given him significant exposure and insight into every aspect of our business. In his fourteen years at Adams Street Jeff has earned the respect of all of his colleagues, so he takes on this new role with broad support across the entire organization.”
“The portfolio construction process has always been a key element in helping us generate outstanding investment performance for our clients. As a further recognition of the importance of this process, as well as their outstanding individual contributions, both Miguel and Ray will have an expanded role in the new structure. Last year we asked Miguel to focus on investment strategy where he has quickly become a key contributor in the investment process. In this new role, Miguel effectively acts as a bridge between our bottom up investment research and our top down views in order to deliver the best possible portfolios for our clients. Ray has been instrumental in the development of an advanced analytics capability that is unparalleled in the private equity industry.”
“Kelly has been working closely with Hanneke Smits and the other Primary Team members to ensure a seamless transition of duties. I am pleased to report that this transition is proceeding smoothly under Kelly’s capable leadership.”
“Finally, I intend to remain full-time in my duties at Adams Street Partners until at least December 31, 2017. This timeline does not change. I have been working closely with Hanneke, our Executive Committee and our Board of Directors to ensure that Hanneke’s duties are transitioned in a seamless manner. In addition, I will re-join the Portfolio Construction Committee as an ex-officio member, so I will be working closely with Jeff and will continue to be actively involved in all aspects of our investment process.”
“For over 40 years we have operated under the philosophy that if we generate excellent investment performance and provide outstanding client service, we will be successful as a firm. This simple philosophy has guided us through the years and will continue to guide us in the future. I am confident that we have the right people in place to deliver on these objectives for our clients.”
About Adams Street Partners
Adams Street Partners is one of the largest managers of private equity investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in private equity partnerships since 1979, managing venture/growth investments in private equity since 1972 and is credited with establishing the first private equity fund of funds for institutional investors. The firm currently has 130+ employees and more than $26 billion of assets under management. Adams Street Partners has offices in Chicago, London, Menlo Park, Singapore, Beijing and Tokyo.