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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. Retrieved June 5, 2023.
  5. ^ a b "1ST CHICAGO SELLS ITS INSTITUTIONAL INVESTMENT FIRM". Chicago Tribune. September 7, 1989. 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. Retrieved June 5, 2023.
  7. ^ "UBS 20 Years Ago: A Risky Intention". finews.com. December 8, 2017. 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. Retrieved June 5, 2023.
  10. ^ "Adams Street Partners spins out from Brinson Partners | Unquote". www.unquote.com. April 23, 2001. 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. Retrieved June 5, 2023.
  14. ^ BRADFORD, HAZEL (September 26, 2022). "Adams Street Partners brings on head of European private credit". Pensions & Investments. Retrieved June 5, 2023.
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