Adams Street Global Secondary Fund 5 closed with $1 billion, confirmed Gary Fencik, partner and head of business development at Adams Street Partners.
The fund was launched about a year ago with a target of $750 million and a hard cap of $1 billion. It surpasses the $750 million Adams Street Global Secondary Fund 4, Mr. Fencik said in a telephone interview.
The secondary fund targets “high-quality assets and opportunities with long-term growth characteristics,” according to a news release. Adams Street looks to invest between $5 million and $500 million in fund interests, direct secondary transactions and general partner restructurings.
Investors in the fund include the $62.8 billion Minnesota State Board of Investment, $14 billion Illinois State Universities Retirement System, $10.5 billion Orange County Employees Retirement System, $9.7 billion Chicago Public School Teachers' Pension & Retirement Fund and $5.6 billion Contra Costa County Employees' Retirement Association.