Adams Street Partners, a private markets investment manager with more than $65 billion in assets under management, has launched the Adams Street Private Equity Global Fund, known as ASPEN Lux, a Luxembourg-domiciled open-ended evergreen vehicle aimed at professional and eligible investors outside the United States.
The firm said ASPEN Lux is designed to extend its evergreen private equity offering to qualified investors across Europe, the UK, and Asia through a regulated structure that provides ongoing access to a globally diversified private equity portfolio. The fund is intended to follow the same portfolio construction principles, sector exposures, and investment objectives as the U.S.-domiciled vehicle within Adams Street’s broader ASPEN Program.
According to the firm, the strategy will focus primarily on small- and mid-market buyouts, with an emphasis on market segments experiencing what it described as structural, durable growth. Adams Street highlighted technology and healthcare as key sector priorities for the portfolio.
ASPEN Lux will offer monthly subscriptions and a quarterly liquidity feature, subject to availability and restrictions. The firm said the fund expects to make quarterly share repurchase offers, subject to board approval, and anticipates that under normal circumstances, repurchases could be conducted for up to 5% of net asset value per quarter, though redemptions are not guaranteed and may be limited, suspended, or otherwise constrained under the fund’s governing documents.
At launch, the fund will be available in EUR-, GBP-, and USD-denominated share classes and will be distributed in select jurisdictions outside the United States. The stated minimum initial subscription is EUR 100,000, GBP 100,000, or USD 100,000, subject to local regulatory requirements. Adams Street also noted that, in some cases, the investment adviser may aggregate accounts held through financial intermediaries to meet minimums or reduce minimum investment thresholds for certain investors.
Adams Street positioned the product as part of a broader push to make private markets exposure more accessible and operationally flexible for wealth channels, while retaining an institutional-style approach to portfolio construction and manager selection. The firm said its evergreen fund lineup is intended to provide investors with exposure to multiple private markets strategies through a single, investor-friendly commitment.
The company also emphasized alignment as a differentiator, noting that Adams Street is 100% employee-owned and operates through a global platform with 15 offices. Founded more than 50 years ago, Adams Street invests across private equity and private credit strategies, growth capital, and private markets solutions for institutions and wealth advisors.
In accompanying risk language, Adams Street underscored that ASPEN Lux is an illiquid investment despite its quarterly redemption feature, given that the underlying private equity assets are fundamentally illiquid. The firm suggested a long-term holding period, noting that redemption requests may not be met in full in any quarter and that no public secondary market for fund interests is expected.
KEY QUOTES:
“ASPEN Lux represents the continued evolution of our evergreen solutions, enabling qualified investors across Europe, the UK, and Asia to participate in our global private equity platform. As an employee-owned firm, we are well-aligned with our clients’ long-term interests, and ASPEN Lux reflects our commitment to broadening access to high-conviction, diversified private equity strategies.”
Jeffrey Diehl, Managing Partner & Head of Investments, Adams Street Partners
“Global investors are seeking solutions that offer the potential for long-term capital appreciation, along with transparency, alignment, and access to the same high-quality private equity opportunities as institutional investors. ASPEN Lux extends this opportunity to non-US investors, combining the benefits of a regulated evergreen vehicle with Adams Street’s decades of investment expertise.”
Jim Walker, Partner & Global Head of Wealth, Adams Street Partners
