Dealmakers undergoing fundraising efforts have seen struggles in 2022 as uncertainty has made it difficult the current economy. In times of doubt, firms often look for reliable, risk-adjusted returns with strong downside protection. Adams Street is going back to what it knows through the fundraising of its flagship product.

Adams Street Partners has closed its Adams Street 2022 Global Fund Program with approximately $1.1 billion in committed capital. The raise generated commitments 20 percent higher than initial internal targets despite the current volatility. The global fund program is a private markets portfolio spanning the entirety of Adams Street’s investment strategies including primaries, secondaries, co-investmetns, growth equity and private credit.

The fundraise represents a return to what Adams Street knows and is familiar with. The firm first implemented its global fund program in 1996 with the aim to outperform public equity markets by 3 to 5 percent. Amidst market uncertainty, firms continue to make the most of what they know and are comfortable with to create value.

“In periods of market uncertainty, investors have historically looked for more reliable, risk-adjusted returns and strategic alpha generation with strong downside protection, which aligns with our targeted strategy for the global fund program,” says Jeff Diehl, managing partner and head of investments at Adams Street.

As we head into 2023, dealmaking outlook will likely remain uncertain in the first half of the year. It will be interesting to see how a differentiated approach, combining multiple strategies across the investment and lending landscape will perform given the firm’s past history of generating stronger returns versus public markets.

How long do you see market uncertainty plaguing dealmaking into the new year? Let me know at [email protected].

Cole Lipsky