Adams Street Partners has held a $2 billion final close on its latest secondaries programme, more than two years after it launched.
The Chicago-headquartered investment manager raised $1.05 billion for Adams Street Global Secondary Fund 6, according to a statement from the firm. The remainder is in separately managed accounts, Secondaries Investor understands.
Public and corporate pension funds, insurance companies, foundations, family offices and high-net-worth individuals from North America, Europe and Asia are all represented in the investor base, the statement noted.
Fund 6 came to market in February 2017 targeting $1.2 billion, according to Secondaries Investor data. Investors include Minnesota State Board of Investment, which committed $100 million and Leicestershire County Pension Fund, which committed $20 million.
Fund 5 closed above its $750 million target on $1.1 billion in 2013, according to Secondaries Investor data. The fund delivered a net internal rate of return of 5.95 percent and a net multiple of 1.19x, according to 31 March performance data from MSBI.
Fund 6 has so far delivered a net IRR of 21.7 percent and a net multiple of 1.17x, according to the same data.
It targets vehicles that are between three and eight years old through the acquisition of fund interests, direct secondaries and via GP-led transactions. Deals it has backed in the past 12 months include a stapled tender offer on two TPG Asia funds alongside Lexington Partners, Partners Group and HQ Capital.
Just $2.74 billion was raised across eight secondaries funds in the three months to 31 March, a 73 percent drop from the same period last year, with a number of mega-fund closes expected in the second half of this year.
The secondaries investment team at Adams Street comprises 15 investment professionals and manages around $6 billion in assets.