Adams Street Partners LLC has named Jeff Diehl, who heads investments at the firm, as managing partner. Also, ASP CEO Bon French will transition from that role to chairman. The changes become effective July 1, 2015. French will remain full-time in his duties at ASP until December 31, 2017. Diehl first joined ASP in 2000.
Chicago, IL – February 2, 2015 – Following organizational updates announced last September, Adams Street Partners, LLC (“ASP”), a global private equity firm, has announced its leadership succession plans.
Effective July 1, 2015, Jeff Diehl, Head of Investments, will take on the additional title of Managing Partner, while Bon French’s title will change from Chief Executive Officer to Chairman. From now until December 31, 2017, Bon French will be working closely with Jeff Diehl to ensure an orderly transition of duties.
Throughout this time French will continue to be actively involved in all parts of Adams Street Partners’ investment process and management of the Firm. He will continue as a member of the Adams Street Partners Board of Directors, Executive Committee and Portfolio Construction Committee.
Bon French commented on this transition:
“As we have communicated for a number of years, I intend to remain full-time in my duties at Adams Street Partners until December 31, 2017. Many people have asked me why we feel compelled to plan for a succession that will not ultimately take place for nearly three years. The answer is simple; long-term visibility into the leadership of a private equity firm is very important and is something that we, as Limited Partners, appreciate from our underlying General Partners. We are very cognizant of the fact that a private equity investment is a long-term commitment, so we strive to achieve as much visibility into the leadership of the organization as possible. It seems only appropriate that we apply this same logic to our organization, and thus, provide as much visibility regarding Adams Street’s leadership as possible to our clients.”
“The change in title for the leader of the Firm from Chief Executive Officer to Managing Partner is a significant symbolic change. We are very proud of the fact that we are 100% employee-owned. Our employee ownership is a powerful way to align our employees’ interests with our clients’ interests, and we intend to maintain this structure. Adams Street Partners is comprised of over 130 employee-owners located in six offices around the world. We believe the title Managing Partner is a better description of the leader of such an organization.”
In September, Adams Street Partners announced that Diehl, a Partner on the Direct Venture Capital / Growth Equity team was promoted to the role of Head of Investments. In addition, Adams Street clarified the leadership of the Primary Investment Team as well as the composition of its Portfolio Construction Committee. As Head of Investments, Diehl is responsible for all elements of Adams Street Partners’ investment process, including the global investment teams and strategies, and has ultimate responsibility for the investment performance generated by the Firm.
Jeff Diehl joined Adams Street Partners 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 Partners Strategic Advisory Committee for the last six years, numerous taskforces and internal committees, including the Portfolio Construction Committee, that have given him significant exposure and insight into every aspect of the Firm’s business.
“I am happy to report that the new structure for our investment teams has been implemented and is working quite well. With this updated structure and leadership, I believe that our investment teams are well-positioned to continue to deliver world-class investment performance for our clients for many years to come,” French said.
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.
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 Adams Street Partners’ beliefs, assumptions and expectations of future performance, taking into account all information currently available to Adams Street Partners, and can change as a result of many possible events or factors, not all of which are known to Adams Street Partners or are within its control.