Adams Street Partners, a private markets investment management firm, announced the close of its third private credit platform, including its Private Credit III fund, with $7.5 billion in committed capital.
The fundraising brings the firm’s total private credit strategy assets to $15 billion, making it the second-largest investment strategy within Adams Street and reflecting significant growth since the platform’s inception in 2016. The capital raise includes leverage and attracted strong participation from both existing and new institutional investors, with approximately 40 percent of commitments coming from outside the United States.
Adams Street’s private credit strategy focuses on providing senior financing to sponsor-backed middle-market companies. The firm highlighted conservative credit characteristics within the portfolio, including loan-to-value ratios below 40 percent, average debt multiples of approximately 5x, and strong creditor protections such as maintenance-based covenants.
The successful close also reflects the firm’s continued expansion into Europe alongside its established North American presence, as it builds a global direct lending platform supported by long-term institutional relationships.
The milestone follows additional momentum in the firm’s credit business, including the launch of its inaugural $350 million public collateralized loan obligation earlier this year and multiple industry recognitions for performance and consistency in private debt investing.
Adams Street Partners manages more than $65 billion in assets globally and provides private equity and private credit solutions to institutional investors, along with growth capital and evergreen fund offerings designed to increase access to private markets.
KEY QUOTES:
“We are extremely pleased with the continued support for Adams Street’s Private Credit Program. In our view, this successful fundraise is reflective of the quality of our portfolio and our investors’ confidence in our ability to protect capital as we seek to deliver consistent performance, in part by leveraging the full Adams Street platform which has helped us to access many high-quality opportunities and apply differentiated underwriting insight.”
Bill Sacher, Partner and Head of Private Credit, Adams Street Partners
“Adams Street’s private credit offering continues to stand out in a competitive market due to our disciplined diligence, rigorous underwriting, and long-standing sponsor relationships. We believe managers with true sourcing and underwriting edge will be best positioned to deliver attractive results, and we think we are well positioned to continue scaling our private credit platform with that discipline.”
Jeff Diehl, Managing Partner and Head of Investments, Adams Street Partners
