Adams Street Partners has launched a $363.5-million evergreen fund providing private wealth investors with access to its venture and growth investment strategies.
The Adams Street Venture and Growth Fund (AVNGR) is structured as a closed-end fund with a perpetual term and tender offers. The fund will be broadly available beginning December 1, 2026, Adams Street said.
AVNGR expects to offer quarterly tenders to repurchase up to 2.5% of its outstanding shares at net asset value, subject to the fund’s terms.
It primarily invests in secondaries and venture growth co-investments.
Adams Street, which manages $76 billion in assets, has an established global venture and growth platform spanning primary fund investments, secondaries and direct co-investments.
“Venture investing has been core to Adams Street’s platform for decades,” said Mike Lucarelli, Partner, Wealth Management at Adams Street. “We see a backdrop for investing in innovative companies as more of their growth and value creation occurs in private markets.”
The combination of venture investments and secondaries is intended to provide investors with both growth opportunities and diversification, while it enables exposure to secular themes such as artificial intelligence, defence technology and energy transition technologies.
Other managers offering access to global venture and growth investments through evergreen vehicles include StepStone Group, Hamilton Lane and Partners Group.
Despite the growing range of products, venture capital remains a relatively small segment of the evergreen fund universe. Venture-focused strategies accounted for just 3.4% of active evergreen funds by number, according to the Q4 2025 US Evergreen Fund Landscape report by Morningstar and PitchBook.
