Adams Street Partners has secured more than $5 billion in commitments for its latest Secondaries Investment Program, anchored by the $2.7 billion final close of Global Secondary Fund 8. The capital raise comes as private-market secondaries activity reaches record levels and investors increasingly use the market to generate liquidity, rebalance portfolios and extend ownership of selected assets.
Key Overview
- Global Secondary Fund 8 closed with $2.7 billion in commitments.
- Related separately managed accounts contributed about $2.3 billion, taking the programme above $5 billion.
- The latest programme is approximately 50% larger than Adams Street’s previous secondaries raise.
- Global secondary transaction volume reached an estimated $226 billion in 2025.
- Adams Street reports $73 billion in assets under management under a methodology updated in July 2026.
Flagship Fund Anchors a Broader Capital Pool
According to the fundraising announcement, Adams Street secured commitments from new and existing institutional investors worldwide, with Global Secondary Fund 8 accounting for $2.7 billion of the total.
The wider programme includes approximately $2.3 billion in related separately managed accounts, according to reporting on the close, bringing aggregate commitments to more than $5 billion. The flagship fund also surpassed its reported $2 billion target.
The new raise is roughly 50% larger than Adams Street’s previous secondaries programme. In 2023, the firm secured more than $3.2 billion for Global Secondary Fund 7 and associated vehicles, highlighting the expansion of its capital base for secondary transactions.
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Record Market Activity Broadens the Opportunity Set
Private-market secondaries allow existing investors to sell interests in private funds or portfolios before the underlying investments are fully realised. They also include sponsor-led transactions that provide liquidity while transferring selected assets into new structures, such as continuation vehicles.
Evercore’s 2025 secondary-market review estimated that global transaction volume climbed 41% to a record $226 billion, exceeding $200 billion for the first time. LP-led transactions contributed $120 billion, up 34%, while GP-led transactions reached $106 billion after rising 51%.
The expansion across both segments shows how secondaries have evolved beyond opportunistic stake sales into an established portfolio-management and liquidity channel. Adams Street said the market backdrop supports a disciplined strategy focused on opportunities where its relationships, proprietary data and underwriting capabilities may provide an advantage.
Adams Street Targets Selective Secondary Deals
Adams Street has invested in secondaries since 1986 and says its team has completed more than 310 transactions. Its secondary investment platform reports approximately $9.5 billion in secondary assets under management and provides solutions ranging from purchases of limited-partner interests to structured portfolio acquisitions and GP-led liquidity transactions.
Separate reporting indicates that the firm is focusing on smaller private-equity secondary deals, particularly in the lower mid-market, where opportunities may attract less competition than larger transactions. This approach aligns with Adams Street’s stated emphasis on selective and thematic investments rather than pursuing transaction volume for its own sake.
Jeff Akers, Partner and Head of Secondary Investments, said rising transaction volumes demonstrate the growing role of secondaries as a liquidity and portfolio-management tool. Managing Partner Jeff Diehl added that broader LP-led and GP-led activity increases the importance of global sourcing relationships and disciplined underwriting.
AUM Figure Reflects a New Calculation Method
Adams Street currently reports $73 billion in assets under management, more than 770 institutional investors and 15 global offices. The firm is also 100% employee-owned, according to its corporate profile, which outlines more than five decades of private-markets investing.
However, comparisons with earlier AUM figures require caution. The updated calculation methodology became effective in July 2026 and includes fund net asset value, unfunded commitments and leverage while excluding the effect of subscription credit lines.
The increase to $73 billion should therefore not be interpreted solely as organic asset growth. Instead, it also reflects the broader methodology now used to measure assets managed and capital available for investment.
Sources: Business Wire / The Wall Street Journal / Evercore / Adams Street Partners
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