## KEY TAKEAWAYS
- Adams Street Partners launched the Adams Street Venture & Growth Fund (AVNGR), a registered evergreen vehicle backed by $363.5 million in net assets from anchor investors, with availability to qualified investors starting Dec. 1.
- AVNGR will invest primarily through venture capital secondaries and growth co-investments, drawing on the firm's relationships with fund managers and its platform spanning primary funds, secondaries and direct investments.
- The fund accepts monthly subscriptions with up-front funding instead of capital calls and intends to offer quarterly share repurchases, subject to the terms and limits of those offers.
- The launch is part of a two-year push by the $76 billion manager into private wealth, including the 2024 appointment of Jim Walker as global head of wealth and a 2025 distribution partnership with Titanbay.
- Adams Street's April Advisor Outlook survey found nearly half of advisor respondents preferred semi-liquid or evergreen funds, versus 38% favoring closed-end vehicles.
## DETAILED SUMMARY
Adams Street Partners is extending its private wealth push with the launch of the Adams Street Venture & Growth Fund (AVNGR), an evergreen fund backed by $363.5 million in net assets from anchor investors. The $76 billion asset manager said the fund will become available to qualified investors on Dec. 1, offering exposure to venture capital and growth-stage companies globally through a perpetual structure rather than the traditional closed-end fund model.
AVNGR will invest primarily through venture capital secondaries and growth co-investments, leveraging Adams Street's relationships with fund managers and its investment platform across primary funds, secondaries and direct investments. The fund will combine multiple strategies across venture and growth stages. Adams Street, founded in 1972, is using a registered evergreen structure designed to address some of the administrative requirements associated with traditional private market funds. Investors will fund commitments up front, with monthly subscriptions, rather than responding to capital calls. The fund also intends to offer quarterly share repurchases, though liquidity remains subject to the terms and limitations of those offers.
Mike Lucarelli, partner, wealth management at Adams Street, said AVNGR "brings that experience to qualified clients through an evergreen structure that streamlines access to venture and growth opportunities." Lucarelli, who joined the firm in 2017 from PIMCO, helps oversee wealth distribution across private banks, wirehouses, broker-dealers, registered investment advisors and family offices. The fund is registered under the Investment Company Act of 1940 as a closed-end, perpetual-term tender offer fund and will be available through major custodian platforms to investors meeting the qualified client requirements under the Investment Advisers Act.
The launch extends a wealth strategy built on personnel, technology and distribution. In July 2024, Adams Street appointed Jim Walker, previously its chief operating officer, as partner and global head of wealth. The firm also launched a website for financial advisors and wealth platforms offering research and market information on private markets. In late 2025, Adams Street partnered with Titanbay to offer its private market strategies to European wealth clients, with Titanbay's platform handling onboarding, compliance and distributor management. Adams Street's strategies are also available through CAIS.
The firm cited its own research in support of the evergreen approach. In its second annual Advisor Outlook survey, released in April, nearly half of respondents expressed a preference for semi-liquid or evergreen funds, compared with 38% who favored traditional closed-end vehicles. About 70% expected a greater share of their clients to invest in private markets over the next three years, and nearly nine in 10 anticipated private markets would outperform public markets over the long term.
