Adams Street Partners, LLC
TypePrivate
IndustryInvestment management
Founded1972 (1972)
HeadquartersOne North Wacker, Chicago, Illinois, U.S.
Key people
T. Bondurant French (Chairman)
Jeffrey Diehl (Managing Partner)
AUMUS$ 54 billion (2023)
Number of employees
263 (2023)
Websitewww.adamsstreetpartners.com
Footnotes / references
[1][2]

Adams Street Partners (ASP) is an American private equity firm headquartered in Chicago. The majority of the firm's assets are in fund of funds strategies.[3] In 2020, Preqin ranked the firm as the ninth-largest fund of funds globally with $40 billion in assets under management.[4]

Outside the U.S., the firm has offices in Europe and Asia-Pacific.

Background

Adams Street Partners was founded in 1972 as the growth equity division of First National Bank of Chicago, where it was known as First Chicago Investment Advisors.[2][5][6]

In 1989, its CEO Gary P. Brinson led a $100 million management buyout of the division from First Chicago Corporation and spun it out as a separate firm named Brinson Partners (Brinson).[3][2][5][6]

In 1994, Swiss Bank Corporation (SBC) acquired Brinson for $750 million.[2][6]

In 1998, SBC merged with Union Bank of Switzerland to form UBS. Brinson operated as part of UBS Asset Management.[2][7][8]

In September 2000, Brinson formed Adams Street Partners to circumvent bank-related regulatory requirements, such as the prohibition on owning more than 24.9% of any non-banking company. Brinson held 24.9% of ASP while the rest was held by the employees of ASP.[2][9]

On January 1, 2001, Brinson spun out ASP as a separate firm.[3][2][10]

In May 2008, ASP acquired Brinson's stake of 24.9% for $156 million from UBS, making it fully employee owned.[2][3][11]

In May 2014, Royal Bank of Scotland sold a minority stake of its private equity unit to ASP for $167 million.[12]

In 2016, ASP launched its own venture capital and private credit business.[13][14]

References

  1. ↑ "Form ADV" (PDF). SEC.
  2. 1 2 3 4 5 6 7 8 "Business Meeting" (PDF). VCERA.
  3. 1 2 3 4 "Big private-equity firm changes leadership and strategy". Crain's Chicago Business. 2015-05-29. Retrieved 2023-06-05.
  4. ↑ "FUND OF FUNDS PE VC CREDIT | 5Capital Advisors Placement Agent". 5capital. Retrieved 2023-06-05.
  5. 1 2 "1ST CHICAGO SELLS ITS INSTITUTIONAL INVESTMENT FIRM". Chicago Tribune. 1989-09-07. Retrieved 2023-06-05.
  6. 1 2 3 Ringer, Richard (1994-09-01). "COMPANY NEWS; Swiss Bank Will Acquire Brinson Partners". The New York Times. ISSN 0362-4331. Retrieved 2023-06-05.
  7. ↑ "UBS 20 Years Ago: A Risky Intention". finews.com. 2017-12-08. Retrieved 2023-06-05.
  8. ↑ "How Phillips & Drew pioneered meritocracy". Archived from the original on 2011-07-24. Retrieved 2023-06-05.
  9. ↑ "Brinson Partners formed Adams Street Partners, composed of Brinson's..." Pensions & Investments. 2000-09-06. Retrieved 2023-06-05.
  10. ↑ "Adams Street Partners spins out from Brinson Partners | Unquote". www.unquote.com. 2001-04-23. Retrieved 2023-06-05.
  11. ↑ "UBS Agrees to Sell Stake in Adam Street for $156 Million". Bloomberg.com. 2008-05-24. Retrieved 2023-06-05.
  12. ↑ "RBS Said to Sell Stake in Private-Equity Arm to Adams Street". Bloomberg.com. 2014-05-29. Retrieved 2023-06-05.
  13. ↑ Temkin, Marina (2020-08-24). "Adams Street Partners relies on decades of VC investing to identify emerging managers". Venture Capital Journal. Retrieved 2023-06-05.
  14. ↑ BRADFORD, HAZEL (2022-09-26). "Adams Street Partners brings on head of European private credit". Pensions & Investments. Retrieved 2023-06-05.
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