At a glance
- The fund, ticker AVNGR, becomes available to qualified investors on Dec.
- The vehicle is registered under the Investment Company Act of 1940 and structured as a closed-end, perpetual-term tender offer fund.
- The fund will accept monthly subscriptions, with investors funding commitments up front rather than responding to capital calls.
Adams Street Partners is launching the Adams Street Venture & Growth Fund with $363.5 million in net assets from anchor investors, extending the $76 billion manager's push into private wealth. The fund, ticker AVNGR, becomes available to qualified investors on Dec. 1, Alternatives Watch reported.
The vehicle is registered under the Investment Company Act of 1940 and structured as a closed-end, perpetual-term tender offer fund. It will be sold through major custodian platforms to investors meeting the qualified client requirements under the Investment Advisers Act.
The fund will accept monthly subscriptions, with investors funding commitments up front rather than responding to capital calls. Adams Street also intends to offer quarterly share repurchases, though liquidity will remain subject to the terms and limitations of those offers.
AVNGR will invest primarily through venture capital secondaries and growth co-investments, drawing on Adams Street's relationships with fund managers and its platform spanning primary funds, secondaries and direct investments. The mandate covers venture and growth companies globally.
Wealth distribution buildout
"AVNGR brings that experience to qualified clients through an evergreen structure that streamlines access to venture and growth opportunities," said Mike Lucarelli, partner, wealth management at Adams Street. Lucarelli, who joined the firm in 2017 from PIMCO, helps oversee wealth distribution across private banks, wirehouses, broker-dealers, registered investment advisers and family offices, according to Alternatives Watch.
Adams Street appointed Jim Walker, previously its chief operating officer, as partner and global head of wealth in July 2024, putting him in charge of products and services for financial advisors and their clients. The firm launched an advisor-focused website at the same time, carrying investment research and market information.
Adams Street's new fund joins a broader semi-liquid market. XA Investments' quarterly update, which this publication covered in August, counts 308 semi-liquid funds and $233 billion in net assets, with first-time sponsors behind 36% of 2025 launches.
The fund will accept monthly subscriptions, with investors funding commitments up front rather than responding to capital calls.
Reported by the New funds desk from Alternatives Watch and Interval Fund Daily archive. Published . Corrections