Adams Street Partners’ CIO to leave firm

Adams Street Partners‘ Chief Investment Officer Hanneke Smits has decided to leave the firm. Kelly Meldrum will be promoted to the head of Adams Street Partner’s primary investment team, and will assume Smit’s responsibilities as she transitions out of her role as head of the primary team. Jeff Diehl, a partner on Adams Streets’ direct venture capital/growth equity Team will join Adams Street’s executive committee effective immediately.


Adams Street Partners, LLC (“ASP”), a global private equity firm, has announced the following organizational changes:
• Chief Investment Officer Hanneke Smits has decided to leave the firm. Her decision is based on a desire to have a career break and focus on a new series of challenges to support a variety of interests she has that are simply not possible to pursue in her current role. Hanneke will remain with the firm at least through the end of 2014, working with Adams Street Partners clients, General Partners and colleagues to ensure an orderly transition of her duties.
• Kelly Meldrum will be promoted to the Head of Adams Street Partner’s Primary Investment Team, and will assume Hanneke Smit’s responsibilities as Hanneke transitions out of her role as Head of the Primary Team. 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 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. 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. Before Hewlett Packard, Kelly worked in the Venture Capital Group at Morgan Stanley & Company.
• Jeff Diehl, a Partner on Adams Streets’ Direct Venture Capital/Growth Equity Team will join Adams Street’s Executive Committee effective immediately. Jeff joined the firm 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.
Bon French, CEO of Adams Street commented on the changes:
“Hanneke Smits joined the firm in 1997 and we are sincerely grateful for her tireless work and many contributions that have helped to make Adams Street Partners what it is today. I cannot emphasize enough our admiration and appreciation of everything that Hanneke has done to build out Adams Street’s global investment capabilities. This started from scratch with Hanneke’s hiring and the opening of our London office in 1997. At that time, we essentially had no presence outside of the US, and the decision to build out these capabilities was just in time as the maturation of the private equity and venture business in Europe really took off followed by Asia a few years later. Part of Hanneke’s legacy is the development of a deep and talented team of investment professionals and a truly global platform.
Adams Street Partners, LLC, One North Wacker Drive, Suite 2200, Chicago, IL 60606-2823
telephone 312.553.7890 fax 312.553.7891 ■
Today we have 54 investment professionals in six offices around the world, and investments as well as clients in all corners of the globe. Hanneke deserves enormous credit for this expansion and success. We will continue on this path in the future, building out our capabilities in primaries, secondaries, co-investments, and venture/growth investments on a global basis. 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.”
“Kelly Meldrum is widely respected firmwide for her deep investment insights which have been particularly evident in her participation on Adams Street’s Primary Investment Committee and Portfolio Construction Committee. We are delighted to have Kelly take on this new level of increased responsibility for our firm.”
“Serving on our Strategic Advisory Committee the last six years, Jeff Diehl has consistently distinguished himself as one of our firm’s 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. We are very pleased to have Jeff join our Executive Committee, and believe that Adams Street will benefit greatly from his leadership.”
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 $25 billion of assets under management. Adams Street Partners has offices in Chicago, London, Menlo Park, Singapore, Beijing and Tokyo.
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This press release is for informational purposes only and should not be construed as investment advice or an offer, or solicitation of an offer, to buy or sell securities either generally or in any jurisdiction where the offer or sale is not permitted. This press release contains certain statements that may include “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical fact, included herein are “forward-looking statements.” The forward-looking statements are based on ASP’s beliefs, assumptions and expectations of future performance, taking into account all information currently available to ASP, and can change as a result of many possible events or factors, not all of which are known to ASP or are within its control.
Media Contact:
Martin Gawne, Manager of Communications
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