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Adams Street closes second private credit programme with more than $3bn of capital

Adams Street Partners, LLC, a private markets investment management firm with more than $51 billion of assets under management, has successfully completed fundraising for its second Private Credit program (PC II), closing the oversubscribed program with more than $2.1 billion of committed capital and over $3.0 billion, including leverage.

Adams Street’s PC II saw high demand globally, surpassing its original target of $1.5 billion. A number of pension plans, insurance companies and family offices new to Adams Street invested in the program, in addition to strong representation from existing investors. The close of PC II raises the total Private Credit strategy assets to $7.6 billion, including leverage, since Adams Street launched the inaugural Private Credit strategy in 2016.

Adams Street’s Private Credit Team is a lead lender to middle market sponsor-backed transactions. Underlying investments within PC II currently have a loan-to-value ratio of less than 40% and an average debt multiple within 5x.

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