Adams Street Partners
| Company type | Private |
|---|---|
| Industry | Private equity |
| Founded | 1972 |
| Headquarters | Chicago , United States |
Area served | Global (including Europe and Asia-Pacific) |
Key people | T. Bondurant French (Chairman), Jeffrey Diehl (Managing Partner) |
| Products | Fund of funds investment strategies, venture capital, private credit |
Number of employees | 263 (2023) |
| Website | www |
Adams Street Partners, LLC (ASP) is a private equity firm based in Chicago that specializes in fund of funds investment strategies. As of 2023, the company oversees roughly US$54 billion in assets and employs a global workforce of 263 professionals. Its presence extends through offices located in Europe and the Asia-Pacific region, underscoring its international operational reach. In June 2024, ASP was ranked 42nd on Private Equity International's PEI 300 list, reflecting its prominent standing among the largest private equity firms worldwide.
Background
Originally established in 1972 as First Chicago Investment Advisors—the growth equity arm of First National Bank of Chicago—Adams Street Partners has undergone significant transformations through corporate restructuring. In 1989, CEO Gary P. Brinson orchestrated a $100 million management buyout, leading to the creation of Brinson Partners as an independent entity. This firm was later acquired by Swiss Bank Corporation (SBC) in 1994 for $750 million. Following SBC’s merger with Union Bank of Switzerland in 1998, which resulted in the formation of UBS, Brinson operated under UBS Asset Management until regulatory challenges regarding bank ownership prompted the establishment of Adams Street Partners in 2000. At inception, Brinson retained a 24.9% ownership stake while employees held the remainder.
On January 1, 2001, ASP became an independent organization through a spinout. The firm further solidified its independence in May 2008 by purchasing UBS’s remaining 24.9% interest for $156 million, transitioning to full employee ownership. This strategic acquisition enhanced ASP’s autonomy over its corporate governance and financial management.
In 2014, ASP expanded its investment scope by acquiring a minority interest in Royal Bank of Scotland’s private equity division for $167 million. To adapt to evolving market demands and strengthen competitive positioning, the firm introduced dedicated venture capital and private credit units in 2016, diversifying its product offerings to better serve client needs.
Leadership at Adams Street Partners includes Chairman T. Bondurant French and Managing Partner Jeffrey Diehl, whose guidance has been instrumental in driving growth and elevating the firm’s profile within the private equity sector. The company's strategic approach centers on leveraging its broad investment portfolio and international footprint to sustain influence and competitiveness in the industry.