Adams Street Partners has secured more than $5 billion in capital commitments for its latest secondaries investment program, including the closing of Global Secondary Fund 8 at $2.7 billion.
The fundraising was approximately 50% larger than Adams Street’s previous secondaries program and received commitments from new and existing institutional investors worldwide. The firm manages more than $73 billion in assets.
Adams Street plans to invest across both limited partner-led and general partner-led secondary transactions. LP-led deals generally involve investors selling existing private fund interests, while GP-led transactions are initiated by fund managers to provide liquidity or extend their ownership of selected portfolio companies.
The firm believes continued growth in secondary-market activity is expanding the range of investment opportunities available to buyers with global sourcing capabilities and experience evaluating private-market assets.
According to an Evercore estimate cited by Adams Street, global secondary transaction volume reached approximately $226 billion in 2025, exceeding $200 billion for the first time.
Adams Street said the increased use of secondaries reflects demand from private-market investors for liquidity, portfolio management and additional flexibility in managing long-duration private equity holdings.
The employee-owned firm operates from 15 offices worldwide and provides private equity, private credit, growth capital, evergreen funds and private-market solutions for institutional investors and wealth advisers.
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“We are grateful for the strong support of our investors and the confidence they have placed in Adams Street and our secondaries platform. Rising transaction volumes highlight the growing role of secondaries as a liquidity and portfolio management tool for private markets participants.”
Jeff Akers, Partner and Head of Secondary Investments at Adams Street Partners
“As the secondary market expands across both LP-led and GP-led transactions, investors need managers with deep relationships, underwriting rigor and global reach to navigate a broader opportunity set. We believe Adams Street is well positioned to source differentiated opportunities and invest with conviction on behalf of our clients.”
Jeff Diehl, Managing Partner and Head of Investments at Adams Street Partners
