Adams Street Partners Explained

Adams Street Partners, LLC
Type:Private
Industry:Investment management
Location:One North Wacker, Chicago, Illinois, U.S.
Key People:T. Bondurant French (Chairman)
Jeffrey Diehl (Managing Partner)
Aum:US$54 billion (2023)
Num Employees:263 (2023)
Footnotes:[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

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.[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).

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

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

On January 1, 2001, Brinson spun out ASP as a separate firm.[10]

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

Notes and References

  1. Web site: Form ADV . SEC.
  2. Web site: Business Meeting . VCERA.
  3. Web site: May 29, 2015 . Big private-equity firm changes leadership and strategy . June 5, 2023 . Crain's Chicago Business . en-US.
  4. Web site: FUND OF FUNDS PE VC CREDIT 5Capital Advisors Placement Agent . June 5, 2023 . 5capital . en . June 5, 2023 . https://web.archive.org/web/20230605165255/https://www.5-capital.com/fund-of-funds . live .
  5. Web site: September 7, 1989 . 1ST CHICAGO SELLS ITS INSTITUTIONAL INVESTMENT FIRM . June 5, 2023 . Chicago Tribune . June 5, 2023 . https://web.archive.org/web/20230605162625/https://www.chicagotribune.com/news/ct-xpm-1989-09-07-8901100905-story.html . live .
  6. News: Ringer . Richard . September 1, 1994 . COMPANY NEWS; Swiss Bank Will Acquire Brinson Partners . en-US . The New York Times . June 5, 2023 . 0362-4331 . June 5, 2023 . https://web.archive.org/web/20230605162625/https://www.nytimes.com/1994/09/01/business/company-news-swiss-bank-will-acquire-brinson-partners.html . live .
  7. Web site: December 8, 2017 . UBS 20 Years Ago: A Risky Intention . June 5, 2023 . finews.com . en-gb . June 7, 2023 . https://web.archive.org/web/20230607071252/https://www.finews.com/news/english-news/29894-ubs-swiss-bank-corporation-merger-1998-robert-vogler . live .
  8. Web site: How Phillips & Drew pioneered meritocracy . June 5, 2023 . https://web.archive.org/web/20110724115705/http://www.ubs.com/1/e/about/history/1970_1989/1983/phillips_drew.html . July 24, 2011 .
  9. Web site: September 6, 2000 . Brinson Partners formed Adams Street Partners, composed of Brinson's... . June 5, 2023 . Pensions & Investments . en . June 5, 2023 . https://web.archive.org/web/20230605162635/https://www.pionline.com/article/20000906/ONLINE/9060716/brinson-partners-formed-adams-street-partners-composed-of-brinson-s . live .
  10. Web site: April 23, 2001 . Adams Street Partners spins out from Brinson Partners Unquote . 2023-06-05 . www.unquote.com . en . June 5, 2023 . https://web.archive.org/web/20230605162625/https://www.unquote.com/uk/analysis/87724/adams-street-partners-spins-out-from-brinson-partners . live .
  11. News: May 24, 2008 . UBS Agrees to Sell Stake in Adam Street for $156 Million . en . Bloomberg.com . June 5, 2023.
  12. News: May 29, 2014 . RBS Said to Sell Stake in Private-Equity Arm to Adams Street . en . Bloomberg.com . June 5, 2023.
  13. Web site: Temkin . Marina . August 24, 2020 . Adams Street Partners relies on decades of VC investing to identify emerging managers . June 5, 2023 . Venture Capital Journal . en-US . June 5, 2023 . https://web.archive.org/web/20230605182308/https://www.venturecapitaljournal.com/adams-street-partners-relies-on-decades-of-vc-investing-to-identify-emerging-managers/ . live .
  14. Web site: BRADFORD . HAZEL . September 26, 2022 . Adams Street Partners brings on head of European private credit . June 5, 2023 . Pensions & Investments . en . June 5, 2023 . https://web.archive.org/web/20230605165253/https://www.pionline.com/alternatives/adams-street-partners-brings-james-charalambides-head-european-private-credit . live .

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