The private equity fund of funds manager Adams Street Partners has held a final close for its latest dedicated secondaries vehicle, Adams Street Global Secondary Fund V. The fund's final size is $1bn, the hard-cap target set by the manager, above the soft-target of $750mn. Adams Street Partners also has an additional $1bn available for secondary investments, from separate account mandates. The manager pursues a thematic approach for its secondary market investments, targeting specific funds and exposures that it believes presents the best secondary opportunities. It invests between $5-500mn per transaction in fund interests, direct secondary transactions and general partner restructurings. To date, Adams Street Partners has invested less than 10% of the fund’s size in two transactions. Its dedicated secondaries team operates from its offices in London, Singapore and Chicago.
This is the fifth dedicated secondaries fund to close in 2013 YTD. In February, Switzerland-headquartered private equity fund of funds manager LGT Capital Partners raised $2bn for Crown Global Secondaries III, above the target set of $1.5bn, representing the largest closing for a secondaries vehicle in 2013 YTD.