Adams Street closes €270M fund to fuel Europe’s next-gen tech and healthcare innovation

Navigating the complex and opaque private markets poses significant challenges for institutional and wealth management clients, primarily due to high entry barriers, limited transparency, and the necessity for specialised expertise. Adams Street addresses this issue by utilising its global platform, cultivating deep relationships, and drawing on decades of experience to deliver diversified, innovative, and client-centric investment solutions across private equity, private credit, and related strategies. This approach allows clients to enhance and safeguard their wealth through access to top-tier managers and customised products.
Today, Adams Street Partners, LLC, a leading private markets investment firm with over $62 billion in assets under management, announced the final close of its oversubscribed European Venture Fund (the “Fund”). The Fund secured more than €270 million in capital commitments, significantly exceeding its target, driven by strong investor demand for Europe’s dynamic venture ecosystem. While this marks Adams Street’s first dedicated European venture fund, the firm has invested nearly $2 billion in European VCs since 2000, backing over 70 funds includingAccel,Index Ventures, andBalderton Capital.
The Fund will leverage Adams Street’s global investment platform to target exposure to the region’s most innovative companies. Its disciplined strategy focuses on primary commitments to 10–20 new VC funds, with up to 30% of capital reserved for secondary and co-investments into startups. The Fund aims to build a portfolio of approximately 400 early-stage companies over the next two to three years, focusing particularly on technology and healthcare solutions.
This milestone builds on Adams Street’s 25-year venture investing track record in the region and demonstrates the strength of its venture capital franchise. It follows last year’s $1.2 billion close of the firm’s oversubscribed Venture Innovation Fund IV Program. British Business Investments, a subsidiary of the British Business Bank, has committed up to €60 million to the Fund, supporting innovative businesses across the UK and Europe and improving access to long-term patient capital for ambitious, high-growth companies.
Adams Street Partners was established in 1972 in Chicago as the growth equity division of First National Bank of Chicago, previously First Chicago Investment Advisors. Founding leadersGeorge SpencerandT. Bondurant Frenchshaped the firm’s direction and reputation in private market investing.
Initially, the firm aimed to give institutional investors access to private equity and growth capital opportunities, using the bank’s resources and expertise to venture into emerging private markets. Over time, Adams Street evolved into an independent, employee-owned firm with a mission to provide exceptional private market investment management by generating actionable insights, nurturing trusted relationships, and aligning employee and client interests through shared ownership.
Adams Street is committed to being a global leader in private markets. The firm’s strong performance, integrity, and trusted partnership with institutional clients are key to its success. Adams Street also prioritises diversity, equity, and inclusion, recognising that varied perspectives enhance its business and investment results.
Adams Street is known for its innovative fund-of-funds strategies. It maintains a global presence with 13 offices, investments in over 30 countries, and a strong track record of protecting client capital. Its employee ownership structure and commitment to responsible investing and community engagement distinguish it in the industry.
The firm takes minority stakes in promising companies led by experienced executives, primarily in software, mobile, healthcare, security, and financial technology sectors. While specific portfolio companies often remain confidential, Adams Street is known for backing category leaders and unicorns through its relationships with top-tier venture managers.
The firm has committed substantially to European venture capital, deploying more than $1.6 billion in this asset class and launching dedicated European Venture Funds targeting early and late-stage technology and healthcare companies. The Adams Street 2024 Global Fund Program raised $1.1 billion to invest in leading global small- to mid-growth private companies, aiming to outperform public equity markets by 3–5%. Its hybrid investment model, allocating capital across primary commitments, secondaries, and direct co-investments, provides stability and upside potential through diversified exposure.
Adams Street’s selective approach is evident in its rigorous manager selection process — investing in less than 2% of reviewed VC funds — and its ability to offer LPs unique access to next-generation high-growth companies. This disciplined strategy, combined with global reach and local expertise, enables the firm to identify and scale the most promising opportunities across the European venture landscape.
“Our selective strategy and long-standing presence in the venture ecosystem have fostered deep, multi-decade relationships with top venture managers worldwide. Combined with our historical performance and team expertise, we are proud that we have been able to offer our LPs differentiated access to opportunities within the next generation of high-growth companies,” saidBrijesh Jeevarathnam, Partner & Global Head of Fund Investments at Adams Street.
“We believe there is a compelling opportunity in European venture capital as it helps drive the digital transformation of the global economy. In these times of dislocation and change, the growing appetite for a dedicated and disciplined strategy is reflected in our investors’ continued confidence,” saidRoss Morrison, Partner, Primary Investments at Adams Street. “We are excited to deploy this capital into compelling opportunities across the European venture landscape.”
Adams Street’s €270 million European Venture Fund demonstrates the firm’s confidence in Europe’s innovation potential and highlights its ability to connect institutional capital with the next generation of technology and healthcare leaders. With its employee-owned structure, robust global platform, and proven track record of responsible investing, Adams Street is well-positioned to shape the future of private markets in Europe and worldwide.