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Adams Street Partners

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Adams Street Partners, LLC
Company typePrivate
IndustryInvestment management
Founded1972; 52 years ago (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, LLC (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

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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

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