Adams Street Partners

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.

In June 2024, Adams Street Partners ranked 42nd in Private Equity International's PEI 300 ranking among the world's largest private equity firms.[5]

Background

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][6][7]

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][6][7]

In 1994, Swiss Bank Corporation (SBC) acquired Brinson for $750 million.[2][7]

In 1998, SBC merged with Union Bank of Switzerland to form UBS. Brinson operated as part of UBS Asset Management.[2][8][9]

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][10]

On January 1, 2001, Brinson spun out ASP as a separate firm.[3][2][11]

In May 2008, ASP acquired Brinson's stake of 24.9% for $156 million from UBS, making it fully employee owned.[2][3][12]

In May 2014, Royal Bank of Scotland sold a minority stake of its private equity unit to ASP for $167 million.[13]

In 2016, ASP launched its own venture capital and private credit business.[14][15]

External links