Adams Street Partners Raises Over $1.2 Billion for Venture Innovation Fund IV Program

Adams Street Partners, LLC, a private markets investment firm with more than $60 billion in assets under management, announced the successful close of its Venture Innovation Fund IV Program, securing more than $1.2 billion in capital commitments. The program, which the firm describes as oversubscribed, is comprised of Venture Innovation Fund IV, Leaders Fund II and Adams Street Venture Select Fund 2023, collectively referred to as "VIF IV" or the "Fund." It encompasses a diverse portfolio of venture fund investments, secondaries and direct investments intended to target exposure to some of the world's most innovative and disruptive companies.

According to the release, investor demand was diverse and worldwide, drawing leading institutional investors, foundations, family offices and wealth platforms from three continents. VIF IV exceeded its target and grew more than 40% from the previous venture innovation program. Adams Street attributed the response to confidence in its historical performance, team strength and venture capital expertise. The firm closed the Fund despite continued investor demand in order to maintain discipline around its stated strategy and portfolio construction, while positioning to capture what it expects to be an attractive opportunity set across the innovation economy.

Accel, a global venture capital firm, provided a supporting endorsement. Rich Wong, partner at Accel, said Adams Street has been a trusted partner for decades and cited its early support of Accel's U.S., Europe, India and Southeast Asia initiatives. Adams Street has been active in venture capital since the 1970s, with a formal Venture Innovation Strategy launched nearly a decade ago. Brijesh Jeevarathnam, Partner and Global Head of Fund Investments, said the firm's institutional knowledge, proprietary data and experience across market cycles provide a distinct advantage, and that venture capital will continue to drive digital transformation, with technologies such as artificial intelligence expected to accelerate innovation. Jeffrey Diehl, Managing Partner and Head of Investments, said the firm's highly selective venture strategy has given its LPs exposure to some of the world's most innovative companies.

Adams Street describes itself as a 100% employee-owned global private markets manager with investments in more than 30 countries and offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney and Tokyo. The release notes that offerings are made only pursuant to a private offering memorandum.